Foxconn, the Apple vendor and one of the world’s largest contract electronics manufacturers, has hinted at manufacturing electric vehicle (EV) components in India, just weeks after announcing the commencement of iPhone production in Karnataka.
In its annual report for 2022, the company stated its intention to expand into new businesses, including EV, robotics, and digital health industries, in addition to its existing focus on information and communication technology (ICT) products.
The report highlighted electric vehicles and semiconductors as key growth drivers for Foxconn in the future. It expressed the company’s commitment to expanding its client base, components, and software in these areas. Foxconn also mentioned its plans to establish a complete supply chain for semiconductors in India and launch a joint venture for a 12-inch wafer fab.
Regarding smartphones in India, Foxconn acknowledged the country’s fast-growing market and low adoption rate, predicting that major smartphone manufacturers would actively invest as telecom companies expanded network coverage beyond Tier I and Tier II cities. The company emphasized the importance of vertical integration and manufacturing capacity to meet the demand for gadgets with advanced functionalities, reduce costs, and enhance competitiveness.
Foxconn has been making significant investments in India. In May, it announced a $500 million investment in Telangana, which is expected to create 25,000 direct jobs in the state. The company is also planning to add two new buildings in Chennai and establish a research and development facility in Bengaluru’s Whitefield.
The expansion into EV component manufacturing in India aligns with the country’s growing focus on electric mobility and the government’s initiatives to promote EV adoption. Foxconn’s entry into this sector could contribute to the development of a robust EV ecosystem and further boost the domestic manufacturing capabilities in India.
With its ambitious growth plans and investments in the country, Foxconn aims to leverage India’s potential as a key market and manufacturing hub, aligning with the government’s vision of promoting local manufacturing, innovation, and technology development.
