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SoftBank Acquires Foxconn’s Ohio EV Plant to Support Stargate AI Infrastructure Project

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SoftBank Group Corp (9984.T) is purchasing Foxconn Technology Group’s (2317.TW) electric vehicle manufacturing plant in Ohio to further its ambitious Stargate project aimed at building extensive AI data center infrastructure across the United States, Bloomberg News reported on Friday. The Stargate initiative, unveiled by U.S. President Donald Trump in January, represents a private sector investment potentially reaching $500 billion, with backing from SoftBank, OpenAI, and Oracle (ORCL.N).

SoftBank reportedly faced challenges in its financial planning for Stargate and sought Foxconn’s involvement to facilitate the development of data centers and related infrastructure, leading to the acquisition. The Ohio facility is expected to be repurposed as a data center site. Reuters could not independently confirm the report; SoftBank declined to comment, and Foxconn did not immediately respond.

The Stargate Project aims to generate over 100,000 jobs across the U.S., aligning with national goals to boost AI infrastructure and domestic technological capacity.

Nissan Eyes Foxconn EV Production to Prevent Oppama Plant Closure

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Japan’s Nissan Motor is reportedly in talks with Taiwan’s Foxconn to allow the electronics giant to manufacture electric vehicles (EVs) at Nissan’s Oppama plant in Yokosuka, south of Tokyo. This move could potentially save the factory from closure amid Nissan’s broad restructuring efforts.

Background:

Nissan CEO Ivan Espinosa announced plans to restructure the company, including closing seven out of 17 factories worldwide and cutting the workforce by roughly 15%. The Oppama plant, which employs about 3,900 workers, was among those considered for shutdown.

Potential Deal:

  • Allowing Foxconn to produce EVs at Oppama could help avoid the plant’s closure, preserving jobs and supporting local suppliers.

  • Foxconn is also reportedly considering acquiring a portion of the Oppama facility.

  • In May, Mitsubishi Motors, Nissan’s junior partner, signed a memorandum with a Foxconn subsidiary for Foxconn to supply an EV model.

Official Statements:

Nissan said the Nikkei report on the talks was not based on information officially released by the company. Foxconn did not respond to requests for comment.

Foxconn Posts Record Q2 Revenue Driven by AI Demand but Warns on Geopolitical and Currency Risks

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Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and Apple’s main iPhone assembler, reported record revenue for the second quarter, boosted by strong demand for artificial intelligence (AI) related products. However, the company also flagged potential headwinds from geopolitical tensions and currency fluctuations.

Key Points:

  • Revenue Performance:
    Foxconn’s Q2 revenue rose 15.82% year-on-year to T$1.797 trillion (Taiwan dollars), surpassing analyst expectations (LSEG SmartEstimate: T$1.7896 trillion). June alone saw revenue climb 10.09% year-on-year to a record T$540.237 billion.

  • Drivers of Growth:

    • The surge in demand for AI-related cloud and networking products, including components for Nvidia’s AI chips, was a major growth driver.

    • Revenue from smart consumer electronics, including iPhones, was flat year-on-year, impacted by adverse exchange rate movements.

  • Outlook and Risks:
    Foxconn expects continued growth in the current quarter compared to previous quarters and last year but remains cautious about risks posed by evolving global political situations and foreign exchange volatility.
    The company did not provide specific numerical forecasts.

  • Geopolitical Context:
    The announcement comes amid heightened U.S. tariffs and trade tensions, with U.S. President Trump recently notifying 12 countries about potential tariff levels on their exports to the U.S., potentially affecting global supply chains.

  • Operational Footprint:
    Foxconn operates the world’s largest iPhone manufacturing facility in Zhengzhou, China.

  • Stock Market Impact:
    Despite last year’s strong 76% stock rally outperforming the Taiwan market, Foxconn’s shares have fallen 12.5% so far this year amid broader tech sector volatility influenced by trade policy concerns. The stock fell 1.83% on Friday ahead of the earnings announcement.

  • Next Steps:
    Full Q2 earnings will be released on August 14.