[XGNews]: A big shrinkage! Foxconn’s investment in Wisconsin decreased from $10 billion to $672 million

The following is the [XGNews]: A big shrinkage! Foxconn’s investment in Wisconsin decreased from $10 billion to $672 million recommended by xgapn.com.

On Tuesday, Foxconn reached an agreement with the Wisconsin government to significantly reduce corporate investment in the state’s factories, which was highly publicized by Trump’s ruling team in July 2017.

Wisconsin’s governor, Tony Evers, said in a statement that the state would reduce its promised tax credit for the project from $2.85 billion to $80 million as Foxconn reduced its planned investment from $10 billion to $672 million and the number of planned jobs from 13000 to 1454.

When the project was first set up, trump trumpeted it as proof of his ability to restore U.S. manufacturing capacity. At that time, Foxconn promised to build 20 million square feet of new plants and create a large number of local jobs. Foxconn has said the agreement gives it “the flexibility to seek business opportunities in response to changing global market conditions.” But now Foxconn states: “our original forecast target has changed due to unexpected market volatility.”

Foxconn set up a plant in the state, and its initial production line was aimed at making displays for TVs and other consumer electronics. Later, the company said it would switch to a smaller sixth generation LCD screen. Foxconn said on Tuesday that the goal of the new plan is to make Wisconsin “one of the largest data infrastructure hardware bases in the United States.”.

Evers said the new agreement will enable Wisconsin taxpayers to “save a total of $2.77 billion, maintain the original accountability program, require Foxconn to create jobs to get incentives, and protect hundreds of millions of dollars of local and local income.”

If Foxconn meets its employment and capital investment goals, it is eligible for up to $80 million in performance tax credits over six years, Mr. Evers said.

Foxconn said it has invested $900 million in Wisconsin since 2017, including a lot of infrastructure.

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