Foxconn has been looking to acquire chip plants globally as a worldwide chip shortage impacts producers and the supply bottleneck has seen cuts in production as well as warnings of supply chain disruptions.
Foxconn and Macronix said the sale of the 6-inch wafer fabrication plant in Hsinchu would be finalised by the end of this year - the plant is not currently in operation.
Commenting Foxconn Chairman Liu Young-way said that the fab is being geared up to produce 15,000 wafers per month by 2024, which could supply silicon carbide semiconductors for 30,000 EVs a month.
"The 6-inch fab might no longer be the best fit for Macronix, and Foxconn saw it as a very good opportunity," Liu said, calling the purchase a milestone for the company's new EV business.
In recent months Foxconn has been talking about moves to become a major player in the global EV market and is currently negotiating with a number of foundries regarding possible future collaborations to make chips for EVs.
