Gov. Tony Evers says Foxconn, Wisconsin on brink of new deal; WEDC to meet Tuesday to discuss project Ricardo Torres and Molly Beck, Milwaukee Journal Sentinel © Mike De Sisti / Milwaukee Journal Sentinel The Foxconn complex in Mount Pleasant is shown on Monday, April 19, 2021. Gov. Tony Evers announced Monday that his administration and Foxconn officials have reached an agreement on new terms and that the new deal will go before the Wisconsin Economic Development Corp. board of directors for approval on Tuesday.
MADISON - Wisconsin and Foxconn are on the brink of a new agreement over the tech giant s role in the Badger State, which so far has failed to live up to a $3 billion deal struck by Republicans and company officials four years ago.
Foxconn to receive $80 million, not $3 billion, under new deal with Wisconsin
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One of the buildings still under construction at the Foxconn site in Mount Pleasant on Aug. 24, 2020.
A state board Tuesday will consider a proposed settlement between Foxconn and Wisconsin Gov. Tony Evers to reduce tax breaks for Foxconn s large campus in Racine County.
Evers has been seeking, for more than a year, to cut the huge financial incentives promised in 2017 by former Republican Gov. Scott Walker. Evers, a Democrat, has said Foxconn has fallen well short of job creation and investment goals for its manufacturing site in the Village of Mount Pleasant.
The Associated Press quotes an unnamed source who said the new deal will reduce the potential tax breaks by billions of dollars but still leave potential incentives for the company that are worth more than $10 million.
Whatâs going to be made?
It remains unclear what Foxconn will make under the new contract. Foxconn officials last year began hinting at the possibility of building electric vehicles, with manufacturer Fisker announcing in February a partnership with Foxconn to build vehicles. Last month, company chairman Young Liu said the Mount Pleasant factory was in the running, along with Mexico, to be Foxconnâs North American electric vehicle production hub â although no formal decisions have been made.
Foxconn has yet to receive any state dollars, but the project in Mount Pleasant already has cost the state more than $200 million in state and local road improvements, sales and use tax exemptions, grants to local governments and for worker training and employment. Foxconn officials estimated in October the company had invested $750 million in the state.