Talking about its businesses in India, Foxconn mentioned that for semiconductors, the company is setting up a complete supply chain
In addition to EV, Foxconn also plans to enter robotics and digital health industries
It will expand the global manufacturing with local partners to allocate the best resources
Just weeks after announcing the commencement of iPhone production at Karnataka’s Devanahalli by April 2024, Apple vendor Foxconn hinted at manufacturing EV components in India.
In the annual report 2022, the company stated that in addition to information and communication technology (ICT) products, it is also looking to step into new businesses in the EV, robotics, and digital health industries.
It further stated that it may also extend its footprints into three core technology fields which are AI, semiconductors and new-generation communication.
The report reads, “Among these, electric vehicles and semiconductors are one of the company’s main growth drivers in the future. In addition, EV and semiconductors are our drivers in the future. We will continue to expand our clients base, components, and software.”
Adding to this, Foxconn stated that it will continue to expand the global manufacturing with local partners to allocate the best resources by its innovative business model – BOL Model (Build, Operate and Localise).
Talking about its businesses in India, Foxconn mentioned that for semiconductors, the company is setting up a complete supply chain. For the 12-inch wafer fab, it is planning to launch a joint venture in India. Adopting new technologies, the Apple vendor has entered the third generation of SiC semiconductors, and the first wafer fab was established in Hsinchu Science Park to supply future electric vehicles.
Talking about the prospect of smartphones in India, the Apple vendor noted, “As the local smartphone adoption rate is still low; as local telecom companies continue to increase network coverage outside of Tier I and Tier II cities, the region will attract major smartphone manufacturers to actively invest.”
It said that India is a fast growing region. But due to the increasing demand for gadgets with better functionalities, the internal components are more intricate than ever. Thus, manufacturers need to have a proper vertical integration and manufacturing capacity. This can also be a paramount to helping clients reduce the cost and increase competitiveness to explore future opportunities.
Foxconn has been investing in India vigorously. From its business updates in the country, the company seems to be highly ambitious about its growth in the country.
In May this year, Telangana IT Minister KT Rama Rao took to Twitter to make the announcement that Foxconn is going to invest $500 Mn in Telangana that would create 25,000 direct jobs in the state.
In addition, the iPhone manufacturer is planning to add two new buildings in Chennai and establish a research and development facility in Bengaluru’s Whitefield.
