Foxconn wins approval for new $569 million investment in Wisconsin

Taiwan's Foxconn said on Wednesday that it had secured regulatory approval to invest an additional $569 million in the U.S. state of Wisconsin to meet rising demand for AI servers.

The Wisconsin Economic Development Corporation (WEDC) approved the plan to expand operations at Foxconn's facility in Racine County, the world’s largest contract electronics manufacturer said in a statement.

The expansion will focus on the AI server business, which Foxconn said would help strengthen domestic U.S. supply chains.

“As the demand for more data infrastructure continues to rise, Foxconn will keep responding to our customers’ needs with flexibility and at scale in the United States,” said Foxconn’s chief product officer, Jerry Hsiao.

Hsiao said Wisconsin accounts for nearly a quarter of the company’s U.S. workforce and the new investment would double its presence in the state by 2030, creating 1,374 new jobs.

Foxconn, formally known as Hon Hai Technology Group, said it had spent more than $2 billion in Wisconsin in recent years across payroll, capital expenditure and taxes.