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Foxconn mostly abandons $10 billion Wisconsin project (Trump once called “the eighth wonder of the world.”)

CaughtInThe

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Foxconn mostly abandons $10 billion Wisconsin project touted by Trump

www.cnbc.com


"Taiwan electronics manufacturer Foxconn [formally named Hon Hai Precision] is drastically scaling back a planned $10 billion factory in Wisconsin, confirming its retreat from a project that former U.S. President Donald Trump once called “the eighth wonder of the world.”

Under a deal with the state of Wisconsin announced on Tuesday, Foxconn will reduce its planned investment to $672 million from $10 billion and cut the number of new jobs to 1,454 from 13,000."


It appears they're not totally stopping. But it will be much, much smaller.



And Wisconsin is now cutting the tax credits authorized for the project from $2.85 billion to $80 million.
 
wolfsgirl said:
I wonder how all of those people that lost their homes to imminent domain feel about this.
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i saw that.

some are probably pissed. i'm sure some long time family homes were included.
 
What party governs Wisconsin again?
 
Thanks Biden.
 
This was a con that the Republicans in Wisconsin fell for since Day 1. FoxCONN never had any intention of setting up shop on a large scale in Wisconsin... Thanks to the conman Trump and the idiot Republicans politicians in Wisconsin the good people of the state got screwed..

Republicans can't govern, period...
 
Mycroft said:
What dates do you find significant?
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"The original deal envisioned Foxconn spending as much as $10 billion to manufacture a state-of-the-art factory for manufacturing large liquid-crystal display panels. The deal was announced in 2017, and then-President Donald Trump traveled to Wisconsin for the 2018 groundbreaking, describing the new factory as "the eighth wonder of the world." Foxconn was supposed to get $2.85 billion in state and local incentives under that original deal."

 
i'm not sure i've ever see a politician that is as much like a mob boss as Donald Trump.
 
Ain't that the truth.
 
Mycroft said:
Thanks Biden.
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Yeah, my first impression too. The risk of a tax juggernaut headed your way, makes sense to reduce the risk, reduce the commitment.

The tax juggernaut will, once again, make it advantageous for corporations to grow their over seas operations rather than their US operations, and, as we have seen, directly leads to the hollowing out of the US middle class. I guess Biden, his administration and the Democrats simply don't give a shit about American citizens, rather continue to pile on the give-aways for non US citizens.

It's all about the Democrats gaining more political power, i.e. one party rule at the expense of US citizens.

Cloward–Piven strategy - Wikipedia

en.wikipedia.org

The article was PUBLISHED WED, APR 21 2021, by the way.
 
Yes. So what?

This thread isn't about them starting a deal. It's about them abandoning a deal. When did that happen?
 
Mycroft said:
Yes. So what?

This thread isn't about them starting a deal. It's about them abandoning a deal. When did that happen?
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"The deal may have been savvy politics for Foxconn in 2017. The company uses factories in other countries to assemble consumer electronics products for Apple and other American companies—products that are often then sent back to the United States for sale. So Trump's protectionist inclinations seemed like a serious threat. Announcing plans to create thousands of jobs in a key battleground state gave Trump something to boast about, and that may have helped Foxconn curry favor with the new administration.

But before long, it became clear that Foxconn wasn't going to hold up its end of the bargain. The company was supposed to build a factory based on the LCD panel industry's new Generation 10.5 standard, which uses enormous sheets of "mother glass" that are roughly 10 feet (3 meters) square. Each glass sheet is typically cut into several displays for use in large televisions. Making panels that large requires a large factory—the original deal envisioned Foxconn hiring as many as 13,000 workers in Wisconsin by 2032."



 
Yes. And now they've decided to scrap almost the whole thing. Could the looming threat of higher taxes (which will result in higher costs across the board) be the cause?

I think so.
 
Mycroft said:
Yes. And now they've decided to scrap almost the whole thing. Could the looming threat of higher taxes (which will result in higher costs across the board) be the cause?

I think so.
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come on dude. you're not even trying...


"Four years ago, Foxconn promised a Generation 10.5 thin-film-transistor LCD screen manufacturing facility capable of making huge display screens.

In 2018, Foxconn rolled back the size of the facility to a Gen 6 capable of making screens for TVs, smartphones and tablets. "
 
Lol.. FoxCONN was backing out of and reigning on this deal looooooooong before Biden came along...

But Trumpsters will be here trying to cover for their deal leader looking like a fool in yet another business deal gone bad..

Art of the deal my ass... Lol
 
Obviously they looked into the future and knew Biden was winning so they scaled it back.
 
And then coffee carts, then ventilators, then cars with fiskar. It seems that there was never any real business plan.
 
tres borrachos said:
Another Trump failure.
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check this out...


"The company’s next annual report to the state is due July 1, when it will submit information on its hiring and capital investment through December 31, 2020.

The company was denied tax credits after its two previous reports because its job numbers had fallen short. The Evers administration has taken the position that without the Gen. 10.5 project written into the original agreement, the company didn’t meet the qualifications."


so, the reports on 2018 and 2019 fell way short of "the eighth wonder of the world".

 

The eighth wonder of the world. I wonder how many Trump Panty Sniffers repeated that phrase from their God.
 
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