SAO PAULO, BRAZIL -- Foxconn Technology Group will invest a reported 1 billion Brazilian reais ($492 million) toward a new factory scheduled to come online by 2014, the company said.

The new plant will build smartphones, tablets and other electronics, the EMS/ODM company said. It would be the company's fifth factory in Brazil.

The factory, which is due to open in 2014 and reach full capacity in 2016, will employ 10,000 workers.

Half a billion dollars would be an extraordinary investment in an electronics assembly plant. However, Foxconn is known for inflating its planned investments.