Foxconn is planning to foray in the electric vehicle market in India. As the company gears to enter the EV market in India, Foxconn Chairman Young Liu met Prime Minister Narendra Modi to share his plans on the matter.
“Glad to meet Mr Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment of Net Zero Emission,” PM Modi wrote in a post while sharing details about their meeting.
Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment of Net Zero Emission. pic.twitter.com/sC1AoGWn9c
— Narendra Modi (@narendramodi) June 23, 2022
It is worth noting that this meeting comes shortly after reports detailed that the Taiwan-based company planned to set up an EV manufacturing plant in India as a part of its larger plans of expanding its manufacturing supply chain outside China.
According to a report by The Economic Times, Foxconn’s EV manufacturing arm, Foxtron, is planning to setup manufacturing plants at various locations in South East Asia, which includes India, Vietnam and Indonesia.
The report also says that Foxconn had no plans of entering the EV market in India earlier. However, the rising demand for EVs in India prompted the company to change its plans and set up roots — as far as EVs are concerned — in India. It is worth noting that the company already has two manufacturing plants in India. Foxconn has a manufacturing facility in Sriperumbudur, outside Chennai, that manufactures iPhones for Apple. It has a separate plant that is operated by Foxconn’s Indian entity, Bharat FIH, which manufactures phones for Xiaomi.
Now, the company is looking to set up a third manufacturing facility in Tamil Nadu that will manufacture electric vehicles for the Indian market.
Foxconn, which is also known as Hon Hai Precision Industry, has a similar EV manufacturing plant in the US that cater to the North American electric vehicle market.
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