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How Foxconn Plans To Expand Semiconductor And EV Manufacturing In India
Foxconn Chairman Young Liu met Prime Minister Narendra Modi
Foxconn Chairman Young Liu met PM Narendra Modi yesterday (23 June). Here's why it is significant for semiconductor and EV manufacturing in India.
About Foxconn: Hon Hai Precision Industry Co., Ltd., is better known as Foxconn. It is the largest contract manufacturer of electronics in the world.
With headquarters in Taiwan, it is the largest private employer in China and is among the top ten employers worldwide.
Foxconn serves a wide range of clients, including Apple, Google, Facebook, HP and Dell and is known for manufacturing iPhones.
Foxconn in India: It makes smartphones for Apple, Xiaomi and HMD, EV components for Aether Energy and Ola Electric, televisions for Vu, hearables for Boat and telecom and networking products for ZTE in India through its three manufacturing units.
Bharat FIH formerly known as Rising Stars Mobile India, is a Foxconn Technology Group company. It plans to raise ₹5,000 crore from its initial public offering, for which it received a go-ahead from the market regulator earlier this month.
Foxconn Group is also partnering with Vedanta Group to set up semiconductor manufacturing in India.
Foxconn is a beneficiary of the PLI scheme, which has given a significant boost to mobile manufacturing in India.
Liu's meetings in India: Post the meeting, PM Modi tweeted that he welcomes Foxconn's plans for expanding electronics manufacturing capacity in India, including semiconductors.
Liu also met minister of communications, electronics and information technology Ashwini Vaishnaw and minister of state for electronics and information technology Rajeev Chandrasekhar.
He also met Akarsh Hebbar, Vedanta Group’s global managing director of display and semiconductor business to take forward their joint venture.
Foxconn's EV plans: Modi mentioning India's EV push in the tweet to welcome Liu can be seen in the light of Foxconn reportedly planning to manufacture electric vehicles in India.
The company is likely to set up an EV manufacturing unit in India through its subsidiary Foxtron.
Liu is keen on expanding Foxconn into the electric vehicles market with an ambition goal of capturing at least 5 percent share of the global electric vehicle market by 2025.
In Oct 2021, Foxconn unveiled three new electric vehicle models during the Hon Hai Tech Day at the Taipei World Trade Center Nangang Exhibition Hall.
Last week, Foxconn broke ground on its first battery cell plant. It will invest over $200 million in building a battery cell center in the southern port city of Kaohsiung in Taiwan.
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