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Foxconn's promise to invest $10 billion in Wisconsin is now a distant memory | It's now selling two mostly empty buildings in the state. (www.engadget.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Foxconn's promise to invest $10 billion in Wisconsin is now a distant memory | It's now selling two mostly empty buildings in the state.::Foxconn is selling two buildings in Wisconsin, which have remained mostly empty since they were originally purchased for its plans to bring production to the US..

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[-] just_change_it@lemmy.world 3 points 1 year ago* (last edited 1 year ago)

The latest deal between Foxconn and Wisconsin reduces the planned subsidies for the project, which ultimately could have cost taxpayers over $4 billion. Foxconn is now eligible for $80 million in tax credits, down from $2.85 billion. Governor Tony Evers said those credits are in line with those for which any company is eligible. They're performance-based and will depend on whether Foxconn hits capital investment and employment targets.

Emphasis above is all mine. This is non-news. They talked about what could have been but the subsidy was based on actual invements being made and people being hired.

Foxconn created ~1500 jobs (e.g. ~11% of what they targeted) and only got ~2.8% of the subsidy. Didn't Michigan win?

[-] abhibeckert@lemmy.world 17 points 1 year ago* (last edited 1 year ago)

Didn’t Michigan win?

"total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million… with more costs likely to come."

That doesn't sound like winning. The state spent a fortune up front on surrounding infrastructure that was needed before Foxconn could start operating, and they never started operating.

[-] rafadavidc@ttrpg.network 15 points 1 year ago

https://urbanmilwaukee.com/2023/07/06/murphys-law-foxconn-deal-is-still-costing-taxpayers/

"Foxconn hired hundreds of workers toward the end of 2019, claiming them on its report to the state for the 2019 year, and then quickly laying the employees off early in 2020."

Foxconn created jack shit.

this post was submitted on 29 Aug 2023

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