Voltage Valley is getting charged up after a recent announcement by the chairman Hon Hai Technology Group, the parent company of Foxconn from Taiwan, that it is looking to build electric vehicle batteries in Lordstown.

Young Liu said during a recent investor conference call that the two Foxconn  factories in the US, one in Wisconsin, and the Lordstown facility, both will get EV battery products added to the locations.

"We will build capacity for battery cells and battery packages for energy storage systems in Wisconsin, while we will also build capacity for battery packages for whole cars in our Ohio facility," Liu said.

Liu said that Hon Hai has always been focusing on how to decrease the cost and shorten the time to market. With the Inflation Reduction Act, which was signed into law in August 2022, directs new federal spending toward reducing carbon emissions and helps businesses with investments in domestic manufacturing.

As Hon Hai expands into developing EV assembly locally, the Inflation Reduction Act will greatly help its battery cell, battery pack and the European Economic Area structure Liu said.

Wisconsin that primarily focuses on Information and Communication Technology products and the Lordstown facility primarily focuses on manufacturing Lordstown Motors commercial pickups and other vehicles.

Liu said it will develop a new energy industry in Wisconsin, including battery cell and battery pack. Because of the assembly plant in Lordstown, Liu said there will be a battery pack here as well. Ohio will mainly build the EV battery pack, while Wisconsin will mainly have new energy, including an energy storage system (ESS) and battery cell production.

Foxconn took over manufacturing operations in the former GM Assembly Plant in Lordstown after completing an Asset Purchase Agreement with Lordstown Motors Corporation in May of 2022.