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Foxconn in “preliminary discussions” to invest billions in the US

by Brandon Russell | December 7, 2016December 7, 2016 2:00 pm PST

Foxconn, one of Apple’s biggest manufacturing partners, said on Wednesday it’s planning to expand its current US operations. The news comes on the heels of a document spotted during a recent meeting between SoftBank CEO Masayoshi Son and President-elect Donald Trump.

On the document, SoftBank said it would invest $50 billion in the US over the next four years, potentially creating 50,000 jobs. Foxconn didn’t appear to be part of the discussions at Trump Tower this week but the company’s name was on the document (below). In response, a Foxconn representative provided a statement to CNN.

“We are in preliminary discussions regarding a potential investment that would represent an expansion of our current US operations.”

Although SoftBank isn’t a big name in the U.S., the Japanese company has a majority ownership of Sprint, which currently sits at number four among the big U.S. carriers. As CNBC notes, SoftBank has been making a number of strategic investments in the US over the past few years, particularly in Silicon Valley, where it has invested in companies such as SoFi and Zymergen.

Foxconn, meanwhile, has also been investing in factories across the United States. The Taiwan-based company said its future investment plans haven’t been determined.

“While the scope of the potential investment has not been determined, we will announce the details of any plans following the completion of direct discussions between our leadership and the relevant US officials,” reads a Foxconn statement to CNN.

Will iPhones be made in the US?

As part of Trump’s campaign platform, the former reality star said he would get big companies such as Apple to build its products in the US. Foxconn’s potential investment could be a huge step toward achieving that.

In November, Trump told The New York Times he had already contacted Apple CEO, Tim Cook, about manufacturing its products in the United States—something Apple has done in the past with select machines.

According to CNN, Foxconn already has plants in Pennsylvania, Texas, and Indiana.

CNN

Brandon Russell

Brandon Russell enjoys writing about technology and entertainment. When he's not watching Back to the Future, you can find him on a hike or watching...

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