Foxconn to make EV manufacturing hub in India
In a move set to revolutionise the EV landscape in India, Foxconn, the global electronics manufacturing giant, is exploring opportunities to manufacture electric vehicles in the country. Tamil Nadu, known for its robust manufacturing ecosystem, is among the states being considered for the establishment of a manufacturing plant.
Foxconn’s chairman and CEO, Young Liu, recently met with India’s Prime Minister in Gujarat during Semicon India 2023. Speaking about the expansion into India, Liu expressed optimism about India becoming a significant manufacturing centre worldwide. He emphasised that India’s supplier ecosystem has the potential to develop even faster than it did in China, a feat that took over 30 years.
Foxconn has been operating in India since 2005, primarily engaged in the assembly of Information and Communications Technology (ICT) products. It is already the world’s largest contract manufacturer of Apple devices and one of India’s leading producers of iPhones. The company has embarked on a substantial expansion program to leverage the growing demand for electric vehicles and electronic gadgets like smartphones and televisions.
Liu emphasised the growing proximity between India and Taiwan in the context of manufacturing, stating, “Where there is a will, there is a way. I can feel the determination of the Indian government and am very optimistic about where it will be headed.” He further highlighted India’s growing importance in the electronics industry and the strategic partnership between India and Taiwan.
Foxconn’s expansion plan in India includes bringing in investments worth billions of dollars and extending its presence beyond its existing 30 factories, which collectively generate a turnover of around USD 10 billion. Liu also indicated that Foxconn aims to actively engage in the production of key components to enhance its competitiveness in India.
Apart from its existing operations in Andhra Pradesh and Tamil Nadu, Foxconn plans to establish facilities in states like Karnataka and Telangana. The company envisions collaboration with both central and local governments to establish industrial parks and optimise the business environment, including infrastructure, policies and laws.