Foxconn is the latest international entity that seeks to expand its electric vehicle (EV) footprint through deeper business ties with India. The intention was made public in a recent statement by the company, following the India visit of one of its top executives. Foxconn now aims is to align more of its business interest with India, in fields like electric vehicles, semiconductors, and others. For this, it is planning to invest as well as partner with more Indian firms in the time to come.
World’s largest electronics manufacturer, Foxconn is currently known for producing some of the most demanded gadgets on the planet, like the Apple iPhone. The company has already been shifting some of its production from China to India following the supply chain disruption caused by the Covid-19 outbreak. It has now come out with a statement that sheds more light on the future plans of Foxconn for its business in India.
As per the statement, Foxconn chairman Liu Young-way visited India for a total of 6 days, from Monday (February 27) to Saturday (March 4). The public statement by Liu further states that his trip to India “supported Foxconn’s efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles.”
“On the basis to share, collaborate and thrive together, Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders,” Liu added.
Although no investment plans have been made official as yet, a report by Economic Times suggests that Foxconn will be investing just under $1 billion in multiple stages for a mega electronics manufacturing facility in Bengaluru. The facility will supposedly produce electronics for its clients like Apple and might just be used to develop semiconductors and such components for other clients too.
It is yet unclear if the facility will also be used for the production of electric vehicles, as has been the goal set by Foxconn in 2021. As per its plans, Foxconn is set to enter into EV mass production later this year through two of its EV manufacturing plants, one in the US and another in Thailand. The idea is to shift from the
With this move to EVs, Foxconn looks to offset the slowing demand of smartphones across the globe. Meanwhile, the company will also be looking to produce more of its electronics in India instead of China and it remains to be seen how it segregates its investments in the country across the products.