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TAIPEI - Foxconn (SS:601138) EV Asset Management LLC, a subsidiary of Hon Hai (TW:2317) Precision Industry Co Ltd (TPE:2317), has acquired machinery and equipment valued at $121.3 million from Banc of America Leasing & Capital, LLC, according to a press release statement issued Tuesday.
The transaction was approved by Foxconn EV Asset Management’s board of directors on June 17, 2025. The company stated the equipment will be used as "business assets," though specific details about the machinery were not disclosed.
The acquisition was completed through direct negotiation between the parties, with pricing based on market conditions. The company confirmed there were no restrictive covenants in the contract or special terms of delivery or payment.
Hon Hai Precision Industry, better known globally as Foxconn, noted that the transaction did not involve any related parties, and all directors approved the purchase without dissenting opinions.
Foxconn EV Asset Management is part of Foxconn’s expansion into the electric vehicle sector, though the press release did not specify how the newly acquired equipment would be utilized within its EV operations.
The transaction represents a significant capital investment as the company continues to develop its presence in the electric vehicle manufacturing space.
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