Foxconn has already a presence in India as the prime contract manufacturer of iPhone for Apple | Image credit: ANI
Foxconn Technology Group, the world's foremost contract electronics manufacturer, is actively considering India as its third worldwide hub for electric vehicle (EV) contract production, as part of its strategic push towards EV dominance.
The Taiwanese giant is targeting the production of five to seven lakh EVs by 2025, an equivalent of 5 per cent of global electric vehicle sales, according to recent reports.
While Foxconn has secured a $230 million manufacturing facility in Ohio, US, capable of producing five to six lakh vehicles annually, it is further strengthening its EV presence globally. The company operates a factory in Thailand, a joint venture with PTT, designed for an initial capacity of 50,000 vehicles yearly, expandable to 1.5 lakh units.
Sources reveal that Foxconn has plans to broaden its EV manufacturing portfolio beyond commercial EVs and e-buses, with an imminent foray into passenger car production. The company's annual report has indicated its intention to diversify into this sector.
To establish its EV manufacturing presence in India, Foxconn has engaged in discussions with the governments of Telangana and Tamil Nadu. The company's partnership with Taiwan's leading automaker, Yulon Motors, is set to yield its maiden EV, branded as the Luggen 7, this year.
Foxconn's expertise in electronics manufacturing and existing presence in India, notably as the prime contract manufacturer of iPhones for Apple, might confer an advantage in India's burgeoning EV landscape. Moreover, its Indian arm, Bharat FIH, has been producing electronic components for prominent EV companies since 2015.
Foxconn is also aiming to establish a compound semiconductor fabrication plant in India, focusing on gallium nitride and silicon carbide chips—integral components for the electric auto industry.
Industry experts posit that Foxconn's prowess in manufacturing and its agility in adapting to new sectors could position it well in the competitive EV market, a segment witnessing intensified rivalry and innovation.
As the company navigates its global EV strategy, Foxconn is contemplating manufacturing expansions in other regions, including Mexico, Vietnam, Indonesia, and Europe. This move is indicative of Foxconn's determination to establish its dominance in the rapidly evolving electric vehicle landscape.