Reports: Foxconn also planning significant investment in Michigan

Project to focus on automotive industry

Terry Gou talks to reporters ahead of a memorandum of understanding signing.

Wisconsin may have been the first state to land a multi-billion investment from Foxconn Technology Group, but it appears it won’t be the last.

Terry Gou talks to reporters ahead of a memorandum of understanding signing.

Foxconn chairman Terry Gou said the company would be investing in research and development for autonomous vehicles, the South China Morning Post reported. 

Even before the announcement of a $10 billion investment for a LCD panel facility, Gou had said the company could make investments in multiple U.S. states.

According to the South China Morning Post, Gou said automotive development is still more advanced in the U.S. than in China and added he is also interested in artificial intelligence and deep learning.

The Foxconn chairman also said the exact size of the investment has not been confirmed.

Michigan Gov. Rick Snyder is currently in China on a trade mission and met with Gou on Saturday. China Daily published pictures of the two speaking to the media together.

His office released a statement Sunday confirming the meeting.

“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,” Snyder said, according to Crain’s Detroit Business. 

Snyder signed a package of bills aimed at luring Foxconn and other large companies to the state on the same day the $10 billion Wisconsin investment was announced. The Michigan package focuses on the abatement of up to 100 percent of payroll tax withholding while Wisconsin is offering $3 billion in tax incentives, mostly tied to job creation and capital investment.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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