On Thursday, Foxconn announced the acquisition of a new chip plant in Taiwan from chipmaker Macronix International.
The $90.8 million purchase is part of Foxconn's strategy to enter the electric vehicle market.
According to Reuters, Foxconn has been working to acquire chip plants around the world as the chip shortage has crippled supply chains.
The plant is currently idle, but formerly produced 6" wafers.
By 2024, Foxconn plans to make 15,000 wafers per month.
The products could supply 30,000 EVs a month with silicon carbide semiconductors.
In February, Foxconn partnered with Fisker on Project PEAR to collaborate on a new electric vehicle.
The company has considered producing EVs at its facility in Wisconsin.