Foxconn has set an ambitious target to double its India employment, investment and business size in one year.
In a LinkedIn post, V Lee, Foxconn’s India representative, stated, “Happy Birthday, Honourable PM. Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Foxconn is a key manufacturer of Apple’s flagship smartphone, the iPhone, in India. The company recently began production of Apple’s latest model, the iPhone 15, on Indian soil. It has been instrumental in establishing India as a major global manufacturing hub for Apple, particularly as the iPhone has become India’s most exported smartphone.
The comment comes a month after Hon Hai Technology Group (Foxconn) chairman and CEO Young Liu indicated that the company might invest several billions of dollars in India if it gets to implement its plans completely. During the company’s second-quarter earnings call, Liu noted that Foxconn’s Indian operations generate close to $10 Bn annually.
“Foxconn annual revenue was $200 Bn. From the perspective of India’s potential market size and if we can fully implement our plans there, several billion dollars in investment is only the beginning,” he had said, adding that Foxconn operates around nine campuses in India.
“We have over 30 factories in India. The turnover and business size are roughly $10 Bn annually. We have over 20 dormitories that shelter tens and thousands of employees that work with Foxconn in India,” Liu added. Liu also pointed out that since Foxconn entered India, its revenue, number of employees, and investment scale have grown exponentially.
The Taiwanese contract manufacturer has been diversifying its manufacturing bases beyond China amid the country’s stringent COVID-19 restrictions and escalating geopolitical tensions with the United States and Taiwan.
The company is contemplating making India its third global hub for electric vehicle (EV) contract manufacturing, in addition to expanding its Apple product lineup. Foxconn aims to produce between 500K and 700K EVs by 2025, accounting for approximately 5% of global EV sales.
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