Foxconn may set up EV factory in India this year: Report

  • Foxconn said that India will assist with the establishment of a production line this year to provide two-wheeled EV manufacturing services that will cater to the EV two-wheeler market in Southeast Asia.

Livemint
First Published16 Jun 2023, 03:31 PM IST
FIT, part of the contract manufacturing giant Foxconn Technology Group, will pay $886 million in cash for Belkin. Photo: Reuters
FIT, part of the contract manufacturing giant Foxconn Technology Group, will pay $886 million in cash for Belkin. Photo: Reuters

The Apple iPhone maker Foxconn is to enter the electric vehicle (EV) manufacturing space in India, and has been in talks with some state governments to further its plans, according to news report by Economic Times.

In the company's annual report, Foxconn said that India will assist with the establishment of a production line this year to provide two-wheeled EV manufacturing services that will cater to the EV two-wheeler market in Southeast Asia.

This marks the first instance where the Taiwanese company has explicitly stated its plans to further its EV manufacturing ambitions in India.

An Indian delegation is set to visit Taiwan soon and to meet with Foxconn executives to discuss the company’s EV plans, reported ET.

In February 2022, Vedanta and Hon Hai Technology Group (Foxconn) had announced a JV to manufacture semiconductors in India. Vedanta and Taiwanese manufacturer Foxconn has invested $19.5 billion in building semiconductor and display production plants in Gujarat.

According to report, officials from Maharashtra, Telangana, Tamil Nadu and Andhra Pradesh had met top Foxconn executives during their visit to the country last year to discuss EV manufacturing plans.

Last year, during Foxconn Chairman Young Liu’s first visit to India, Prime Minister Narendra Modi tweeted that the Taiwanese company’s 'push for EV manufacturing is in line with our commitment of Net Zero Emission.'

Meanwhile, Tech giant Apple's contract manufacturer Foxconn has plans to start manufacturing iPhone units at its proposed Devanahalli plant near by April 2024 and the state government would hand over required land for the company by July 1 this year, Karnataka Large and Medium Industries Minister M B Patil has said.

The Taiwan-based global company has already paid 30 per cent of the cost towards the land ( 90 crore) to Karnataka Industrial Areas Development Board (KIADB), the release said.

It has set a goal of completing the project in three phases and also targeted manufacturing 20 million units (2 crore units) annually from the plant after the completion of all three phases, it added.

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First Published:16 Jun 2023, 03:31 PM IST
HomeNewsIndiaFoxconn may set up EV factory in India this year: Report

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