Foxconn to temporarily suspend trading pending major announcement in Taiwan on Wednesday

The Taiwan Stock Exchange Corporation announced Tuesday that shares of Hon Hai Precision Industry, the parent company of Foxconn, will suspend share trading on Wednesday pending a major announcement from the company.

21 News reported Monday that a Foxconn Ohio spokesperson stated to watch for an upcoming announcement. 

News organization Reuters reported that in Taiwan, companies typically halt trading ahead of announcements, such as investments, mergers, asset sales, or strategic partnerships, which could impact share prices.

Foxconn Ohio purchased the former GM Lordstown facility from EV manufacturer Lordstown Motors after General Motors closed the plant in 2019. 

Foxconn and a German-based automotive software and service company are working on a flexible, AI-centric operating system for EVs in mid-July and is waiting to see if the US EPA will grant a revised operating permit, which will allow for the installation of an electric automobile stamping, assembly and finishing facility in the former GM Lordstown by August 2.

Guy Coviello, the president and CEO of the Youngstown/Warren Regional Chamber, said the Valley stands to benefit from the announcement — even if it does not involve the Lordstown plant specifically.

"What we do know is that this announcement appears to be strengthening Foxconn's play in the electric vehicle supply chain, in the autonomous mobility space, in the AI space," Coviello said.  "All of those things, whether directly or indirectly, should be very beneficial for the operation of Lordstown."

"I think the growth and future is undeniable, and having one of the strongest players in the EV industry right in our backyard is going to play well for us long term," he added.

The TWSE will open for trading at 9 a.m. on Wednesday (9 p.m. Youngstown time) tonight. 

Trading will resume after the release of the material information, according to a TWSE announcement. 

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