Contract Electronics Manufacturing Giant Foxconn Mulls Over EV Hub in India

Contract Electronics Manufacturing Giant Foxconn Mulls Over EV Hub in India

Taiwanese firm Foxconn Technology Group is looking to capture the Indian market. The firm has set sights on capturing 5 per cent of the worldwide sales by 2025 and aspires to deliver between 500,000 and 700,000 EVs by the said year.

The firm is intent on opportunities to make the country its third global hug for EV contract production and has been in talks with Telangana and Tamil Nadu governments towards the same. Foxconn’s India subsidiary, Bharat FIH, has already been manufacturing components for EV firms like Ather Energy and Ola Electric since 2015.

Foxconn has acquired a unit in Ohio, US, at the cost of $230 million. This plant can produce 500,000–600,000 vehicles every year.

Other than this, Foxconn also has a unit in Thailand, where it manufactures electric vehicles in unison with Thailand-based energy major, PTT. The initial capacity of production here is 50,000 vehicles per year and has potential to be ramped up to 1.5 lakh units. Earlier, Foxconn had tied up with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group as well as Italian automobile company Stellantis.

In addition to this, it has also joined hands with Taiwanese largest automaker, Yulon Motors, for the introduction of the first EV under the Luggen 7 brand in 2023. Interestingly, close to 30 percent of the firm’s revenue is from countries other than China.

The firm has revealed that it mulling over establishing plants in Mexico, Vietnam, Indonesia and Europe.