Foxconn’s $250 Million Investment Fuels Vietnam’s Electric Vehicle Component Production

Taiwanese contract manufacturer Foxconn is set to invest $250 million in Vietnam to build two new plants, signaling the company’s move into the electric vehicle (EV) industry and its strategy to reduce reliance on iPhone assembly. The investment will focus on producing components for electric vehicles and telecommunications, highlighting Foxconn’s commitment to diversifying its business and expanding its presence in Southeast Asia. The planned factories will be located in Quang Ninh province, northern Vietnam, an area that has attracted investments from major contract electronics manufacturers seeking to reduce their dependence on China. One factory, with an investment of $200 million,