Foxconn Plans to Produce Electric Vehicles in India
According to the report, Foxconn, the contract manufacturer of iPhones in India, is looking to manufacture electric vehicles (EVs) in the country and is in direct talks with several state governments about it.
An Indian delegation will soon travel to Taiwan to meet with Foxconn executives to discuss the company’s EV plans.
The company wants to build a plant in Maharashtra, but due to some obstacles, it may consider Tamil Nadu as its auto manufacturing hub. In Chennai, Foxconn already manufactures iPhones. Telangana may also be considered the company’s “most active state in terms of outreach and incentive.” Aside from EVs, the company may develop EV components in India.
In its annual report, which was released on May 31st, the company stated that India would assist it in establishing a production line this year to manufacture EV two-wheelers for Southeast Asia.
Meeting Between Foxconn Chairman and Prime Minister Modi
Earlier this year, Foxconn chairman Young Lio met India’s Prime Minister Narendra Modi PM Modi tweeted, “Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India’s tech and innovation eco-system.”
Bharat FIH, a subsidiary of Foxconn Group, announced in December 2021 that it had begun doing business with EV manufacturers such as Ather Energy and Ola Electric. However, it is unclear whether the company will go it alone or form a joint venture (JV) to manufacture EVs in India.
“It is still unclear if Foxconn will do contract manufacturing for multiple brands or for a single brand through the JV route,” a person aware of the matter reportedly said.
“They have a tie-up with Ather Energy but it is likely that they will look for a partner when they come into the space — possibly with one of the (Indian) auto giants — as they did for semiconductors,” they added. Notably, Foxconn and Vedanta announced a JV in 2022 to manufacture semiconductor chips in India.
Apple’s Three Major Milestones in India
Apple has quickly achieved some key milestones in India in recent months. Earlier this month, Apple’s first two retail stores in India earned monthly sales of more than 22-25 crore each, more than twice the highest revenue for an electronics store in the country during the non-Diwali period.
In addition, earlier this year, in January, Apple became the first Indian company to export smartphones worth $1 billion (Rs. 8,100 crores) in a single month, with the goal of reaching the milestone in December 2022.
After creating 1 lakh new direct jobs in the previous 19 months, Apple became the single largest job creator in India’s electronics sector in February 2023.