News: Foxconn, the renowned iPhone manufacturer, is planning to venture into the electric vehicle (EV) manufacturing sector in India. The Taiwanese company is in discussions with several state governments regarding this initiative.
According to an article in one of the leading print media publisher. An Indian delegation is scheduled to visit Taiwan soon to meet with Foxconn executives and deliberate on their plans. However, it remains uncertain whether Foxconn intends to pursue contract manufacturing for multiple brands or form a joint venture (JV) to focus on a single brand.
Foxconn EV Plant
While Foxconn has an existing partnership with electric scooter-maker Ather Energy. Further, for the EV space Foxconn will seek a new partner. Sources suggest that they may even collaborate with a prominent Indian automotive giant. During their visit to India last year, top Foxconn executives held meetings with officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh to discuss their EV plans. Foxconn is keen to have their manufacturing hub in Maharashtra, as per sources known to of the venture. However, they might consider Tamil Nadu due to the presence of an established auto manufacturing hub and the challenges faced in Maharashtra. Telangana shall be a potential location based on the proactive outreach and incentives.
The report further stated that Foxconn aims to develop a comprehensive ecosystem encompassing manufacturing, hardware, component production, and battery management. To achieve this, the company plans to form partnerships with local firms. In its annual report released on May 31, Foxconn highlighted India’s assistance in establishing a production line this year for the manufacturing of two-wheeler EVs.
During Foxconn Chairman Young Liu’s visit to India, Prime Minister Narendra Modi commended the company’s efforts in EV manufacturing. Further, emphasizing its alignment with India’s commitment to achieving net-zero emissions.
Conclusion
Considering the above facts several states will eye to win the project for their respective state. However, Foxconn’s final call shall play a key role. This FDI shall be beneficial for the state that earns the deal as it brings in lot of revenue and employment.