Foxconn, a well-known Taiwanese corporation best known for producing Apple iPhones, is apparently getting ready to enter the Indian electric vehicle (EV) manufacturing sector. The Economic Times reports that Foxconn has started conversations with several Indian state administrations.
An Indian group will shortly travel to Taiwan and meet with Foxconn leaders to talk about its electric vehicle plans. However, as indicated in the ET report, it is still unclear whether Foxconn will engage in contract production for numerous brands or create a joint venture (JV) with a single business.
When they join the market, it’s possible that they would hunt for a second supplier, possibly with one of the Indian auto companies, as they did for semiconductors, according to a source who spoke to ET. “They have a partnership with an electric scooter manufacturer named Ather Energy,” the source said.
Foxconn would seek to develop a vertical platform that combines production with the manufacture of hardware, components, and battery management. The Taiwanese corporation will next begin approaching local companies, the article said.
Vedanta and Foxconn’s Hon Hai Technology Group launched a joint venture to produce semiconductors for the Indian market back in February of last year. Foxconn and Vedanta invested $19.5 billion as part of this partnership to build semiconductor and display manufacturing facilities in Gujarat.
They announced plans to establish a production line in India this year exclusively for two-wheeler electric vehicle (EV) manufacturing services in its recently published annual report on May 31. This is the Taiwanese company’s first overt attempt to meet its EV production goals in India.
Prime Minister Narendra Modi stated that the company’s emphasis on EV production is in line with India’s objective of reaching net-zero emissions during the company’s Chairman Young Liu’s prior visit to India. Senior Foxconn executives discussed their EV plans with representatives from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh during their visit to India in 2022.
According to the portal’s sources, Foxconn is interested in Maharashtra but may also consider Tamil Nadu given that state already serves as a centre for the manufacturing of automobiles. Telangana, another competitor in the race, can be taken into consideration due to its active outreach and incentive.
