The Indian state of Tamil Nadu is a potential destination for the electric vehicle (EV) production facility that contract electronics giant Foxconn is considering developing. When discussing the business’s decision to develop EV facilities in Ohio and Thailand, Young Liu, the chairman and chief executive officer (CEO) of the parent company Hon Hai Technology Group, claimed that Foxconn will have an EV factory in the country very soon, according to ET.
The newspaper said citing sources that Foxconn has been in discussions with the Tamil Nadu government on its electric vehicle plans. Uncertainty persists regarding the company’s ambitions, including whether it intends to advertise and sell EV goods under its own brand or engage in contract manufacturing for other EV businesses.
Foxconn and Tamil Nadu to partner up
India has the potential to develop into a key global manufacturing powerhouse, according to Young Liu. While the transfer from China to India as a manufacturing hub may take some time, he pointed out that this transition is anticipated to occur more swiftly than the three decades it took for China to become a manufacturing powerhouse.
At the end of the second quarter, Foxconn‘s Indian division, according to Liu, had a $10 Bn annual turnover. He added that Foxconn India’s KPIs, including revenue, personnel count, and investments, have increased “exponentially” since the company entered the Indian market.
$200 billion was Foxconn’s annual revenue. A few billion dollars in investment is just the beginning, given the scale of the potential market in India and the viability of our ambitions there, added Liu.
Liu previously stated that the corporation was primarily involved in the assembly of information and communication technologies with regard to its debut in EV manufacturing. India continues to be the contract manufacturer’s new priority due to geopolitical concerns between Beijing and Washington DC.
Foxconn started constructing a $500 million manufacturing facility in Kongar Kalaan, Telangana, in May of this year. Soon after, MK Stalin, the chief minister of Tamil Nadu, and the firm held conversations about the possibility of setting up a unit there.
