TAIPEI (Taiwan News) — Taiwanese electronics manufacturer Foxconn on Wednesday (March 15) said it intends to build electric vehicle (EV) batteries in Ohio and Wisconsin, according to Nikkei.

“We will build capacity for battery cells and battery packages for energy storage systems in Wisconsin, while we will also build capacity for battery packages for whole cars in our Ohio facility,” Nikkei cited Foxconn Chairman Young Liu (劉揚偉) as saying during an investors conference.

Part of the U.S. Inflation Reduction Act (IRA) of 2022 focuses on investment in domestic energy production and manufacturing, while Washington is also keen to boost domestic production of EVs and their key components, including batteries, the report noted. Under the IRA, domestic production is one of the stipulations for getting tax credits.

“The timing of the IRA introduction is very good for us. We saw the opportunities in developing battery-related capacity. The U.S. government is also very supportive,” Liu added, according to Nikkei. The outlet also noted that Liu is scheduled for a North America trip in a few weeks.

The Foxconn chairman also said the company’s revenue from EV components in 2022 hit NT$20 billion (US$653 billion) and is forecasted to increase to between NT$50 billion and NT$100 billion in 2023.