Is Foxconn Planning to Manufacture EVs in India
August 5th, 2023
Foxconn is all set to invest in India
Foxconn to put in $1 Billion to set up an EV manufacturing Plant
Foxconn is the world's largest Technology manufacturer and service provider. It is a Taiwan based company, which is led by Young Liu. It currently manufactures half of the world's Iphones through its China plant. Adding more to it, some notable products which are currently being manufactured by the brand -
It manufactures products for Technology giants based in America, Canada, Chinese, Finnish and Japanese companies. It includes -
- Blackberry
- Ipads
- Iphones
- Ipods
- Kindle
- Xiaomi phones
- Google Pixel devices
- Sony Play Stations
- Cisco products
And the list is long….
Though if I were to talk just about India, then the firm does manufacture some of these products in India through three of its manufacturing plants. It consists of -
- Apple’s Iphones
- Xiaomi Phones
- HMD & EV components for OlA and Ather Energy
- Television for Vu.
- Hearables for Boat
- Telecom & Networking services for ZTE ( Chinese based firm ).
Foxconn's Semiconductor chips plans in India
Few weeks ago, the head of the firm Young Liu was in talks with the Prime Minister Narendra Modi regarding the investment plans in India. After the talks, the Prime Minister himself said that “the talks went well and the country also looks forward to moving on Foxconn’s investment plans”. Though at that time, the investment plan was heavily focused on building India the next big Semiconductor manufacturer, as the firm wants to bring down the dependency of semiconductor manufacturing from China. But in recent times, the company has made some changes to the Investment plan in India.
But recently, the company has introduced a partnership with Vedanta to manufacture the Semiconductor chips in India. It is said that the firm will hand over all its India operations to Vedanta and be a shareholder of the company which is yet to be made in their partnership. It is said that Anil Agarwal - Founder and chairman of Vedanta Group - will be leading the company made under partnership between the two companies.
EV manufacturing plans of Foxconn in India
Earlier though in 2020, the Firm was in talks with Maharashtra Government to work together on EV manufacturing ideas & some Technological products. But, due to some reasons Maharashtra Government declined its partnership with the company in its future plans. The Company had chosen Pune to execute its plan.
The Firm now wants to enter the EV business for which it has again chosen India as its manufacturing hub for the South Asian EV sector. It also showcased 3 of its EV’s in October 2021 for which it has already set up a manufacturing plant in the US to cater the North American EV market. Next stop as said is India.
It is looking forward to having a gradual initial start - by manufacturing Electric Two-wheelers in the plant. The Electric Two-wheelers will cater to a few of the South Asian markets.
To do this, the firm wants to build a manufacturing plant which could help them boost in the EV market in the future. In fact, few states have already sent an invitation to build a manufacturing plant in them - like Tamil Nadu.
It is expected that Foxconn to invest $1 Billion for execute all these plans in the near future in India.
Personal Opinion
This whole agenda looks optimistic through the country's perspective! These investment plans will not only help the firm grow, but also India and its Automotive Industry. It will open gates for numerous opportunities for the country to grow, as Foxconn being the world leader in what it does, it will set examples for the world that India would be a good place to invest in. And most important one, this current time period for India is a golden chance!, as the country has found some big treasures like Lithium reserves, etc. These treasures will surely help this business grow more. Overall, if this succeeds, it will surely result in a good way.