Market Overview

Report: iPhone Maker Foxconn Plans Multibillion-Dollar Michigan Facility

Report: iPhone Maker Foxconn Plans Multibillion-Dollar Michigan Facility

Apple Inc. (NASDAQ: AAPL) supplier Foxconn Technology Group has a multibillion-dollar autonomous vehicle research-and-development facility development planned for Michigan, according to the South China Morning Post.

The announcement follows Foxconn’s July announcement of a $10 billion LCD panel manufacturing plant in Wisconsin. The company is the largest electronic manufacturer in the world.

Foxconn founder Terry Gou said the details of the Michigan investment will be revealed “soon” and declined to reveal the dollar amount of the project, according to the publication China Daily.

“We will cooperate with Michigan on next generation auto technology, such as Internet of Vehicle (IOV) and self-driving cars,” Gou reportedly said.

Michigan Gov. Rick Snyder, who is on a trade mission in China, met with Gou Saturday.

"We had a very productive dialogue about the importance of talent in manufacturing and the future of autonomous driving in addition to a tour of Foxconn's world-class products and manufacturing facility," Snyder said in a statement. 

“I believe we have a strong future with Foxconn, and while I don’t have an announcement to make today, I think there are very exciting things to come in the future."

Crain’s has previously reported that Foxconn is eyeing sites in the Detroit suburbs of Livonia and Romulus.

According to the South China Morning Post, Foxconn’s Gou said automotive development in the U.S. is more advanced than in China, according to the South China Morning Post’s Sunday report.

“Besides self-driving technology, I’m also interested in artificial intelligence and deep learning technology,” Gou said.

Benzinga recently reported on an undefined, multibillion-dollar renewable energy development in rural Durand, Michigan, known as “Project Tim” that would rank as the country’s largest manufacturing plant. The identity of the company or companies behind the proposed development aren’t known.  

Related Links:

Foxconn's U.S. Labor Payroll Could Cost 3 Times As Much As Chinese Equivalent 

Time Of The Season: Apple's Q3 A Prelude To Anxiously Awaited September

Foxconn founder Terry Gou with Michigan Gov. Rick Snyder in Shenzen, China. Courtesy photo.

Posted-In: Crain's Detroit Business Foxconn Technology Group Project TimNews Emerging Markets Markets Tech Media Best of Benzinga


Related Articles (AAPL)

View Comments and Join the Discussion!