Made in America was the spirit set behind the campaign of 2016 US president election by Republicans (Trump). After a landslide win of President Trump, Foxconn agrees to invest whopping $10 billion at Wisconsin, United States in 2017.
It was the largest investment by any foreign company on American soil and the move was praised by President Trump & called it as a eighth wonder of the world.
It helps them (Foxconn) got some ($3 billion) tax benefits and incentives.
But what happens now?
Foxconn earlier planned to manufacture large Liquid Crystal Display (LCD) panels at Wisconsin, but now reconsidering its plans after analyzing the steep increase in labor cost and final product price.
This article Emailed on, Thursday, January 31, 2019 to our Newsletter subscribers at 6 pm IST.
Foxconn Chief Executive Terry Gou close assistant Louis Woo said, “In terms of TV, we have no place in the U.S.,” he said in an interview. “We can’t compete.”
Let’s look at Pay scale:
- The average base salary for manufacturing or production engineer in Wisconsin is around$69,888 where,
- In Taiwan, the pay scale for average production engineering is NT$700,000 (Approx. $22,567). It’s approximately 3 times more in US for the same work.
Foxconn committed to generate 13,000 jobs at its Wisconsin facility and acquired almost 20 million square foot space to build the factory.
Now, Foxconn confirmed it will not build any small or large sized LCD panels and factory, but will create the research and development facility with design center as earliest.
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