Young Liu, the chairman and chief executive officer (CEO) of the parent company Hon Hai Technology Group said that Foxconn will have an EV factory in the country very soon
Foxconn has been engaged in talks with the Tamil Nadu government regarding its EV plans
Earlier, Foxconn’s Liu said that the company’s Indian arm achieved an annual turnover of $10 Bn at the end of the second quarter
Electronics contract manufacturer Foxconn is considering establishing an electric vehicle (EV) manufacturing facility in India, with Tamil Nadu as a potential location for the plant.
Young Liu, the chairman and chief executive officer (CEO) of the parent company Hon Hai Technology Group, said that Foxconn will have an EV factory in the country very soon while talking about the company’s decision to build EV factories in Ohio and Thailand, ET reported.
Foxconn has been engaged in talks with the Tamil Nadu government regarding its EV plans, the report added citing sources. However, whether the company intends to engage in contract manufacturing for other EV companies or plans to market and sell EV products under its brand remains unclear.
Young Liu said that India has the potential to become a significant manufacturing hub globally. He noted that while transitioning from China to India as a manufacturing hub will require some time, this shift is expected to happen more quickly compared to the three decades it took for China to establish itself as a manufacturing powerhouse.
Earlier, Foxconn’s Liu said that the company’s Indian arm achieved an annual turnover of $10 Bn at the end of the second quarter. He also noted that Foxconn India’s metrics, such as revenue, number of employees, and investments, have grown ‘exponentially’ since foraying into India.
“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,” said Liu.
Regarding its foray into EV manufacturing, Liu earlier said that the company was mainly engaged in the information and communication technology assembly business.
Due to geopolitical tensions between Beijing and Washington DC, India continues to be the contract manufacturer’s new focus.
In May this year, Foxconn commenced the construction of $500 Mn manufacturing facility in Telangana’s Kongar Kalaan. Shortly thereafter, discussions took place between the company and Tamil Nadu Chief Minister MK Stalin regarding establishing a potential unit in the state.