Foxconn considers setting up EV factory in India this year
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Foxconn, widely recognized as the manufacturer of the iconic Apple iPhone, is actively exploring entry into the electric vehicle (EV) manufacturing industry in India. Media reports indicate that the Taiwanese contract manufacturer has been engaged in discussions with various state governments to advance its strategic plans.
In its recently published annual report on May 31, Foxconn explicitly stated its intention to collaborate with India in establishing a production line this year. The primary objective of this endeavour is to provide manufacturing services for two-wheeled EVs, targeting the burgeoning EV two-wheeler market in Southeast Asia.
This notable announcement represents Foxconn’s firm commitment to expanding its foothold in the EV manufacturing sector within India, marking a significant milestone for the Taiwanese company.
Net Zero Emission
During the inaugural visit of Foxconn Chairman Young Liu to India last year, Prime Minister Narendra Modi took to Twitter to affirm the congruence between the Taiwanese company’s pursuit of electric vehicle (EV) manufacturing and India’s commitment to achieving Net Zero Emission.
It is worth noting that Bharat FIH, a subsidiary of the Foxconn Technology Group, disclosed in its draft red herring prospectus dated December 21, 2021, that it had commenced business relationships with prominent entities in the EV industry. These include Ather Energy and Ola Electric, both esteemed EV manufacturers. The prospectus also acknowledged collaborations with notable companies such as Vu Technologies Private, specializing in consumer electronics, ZTE Telecom India, focusing on telecom and networking products; and Imagine Marketing, the manufacturer of wearable devices known as boAt.
On the other hand, experts have noted that India’s expansive consumer market, advantageous demographics, and government initiatives such as “Make in India” have become compelling factors drawing numerous companies to invest in establishing manufacturing facilities within the country.
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