Foxconn sharply scales back Wisconsin investment

Taiwanese contract electronics manufacturer Foxconn, formally called Hon Hai Precision Industry Co Ltd, will dramatically scale back its planned investment in a Wisconsin plant, under an agreement announced with the state's governor on Tuesday.

Wisconsin will reduce its tax credits authorized for the project from $2.85 billion to $80 million as Foxconn reduces its planned investment from $10 billion to $672 million and cuts the number of jobs planned from 13,000 to 1,454, Governor Tony Evers said in a statement. The investment was first announced at the White House in July 2017, when Donald Trump was president.