Foxconn targets India as next EV production powerhouse

16 Aug 2023 CW Team

India is being considered by Foxconn Technology Group as its third worldwide base for contract manufacturing of electric vehicles (EVs).

According to a study, the Taiwanese corporation plans to provide five to seven lakh EVs by 2025, or 5% of all electric car sales globally. The corporation has previously paid $230 million for a US manufacturing facility in Ohio that has the capacity to produce 5–6 lakh automobiles annually.

In addition, the business runs an EV plant in Thailand and is getting ready to expand into the passenger car industry. There are also continuing discussions with Indian state governments about a potential EV factory that would make use of Foxconn's strong domestic electronics manufacturing capabilities.

Additionally, it has partnered with Yulon Motors, the biggest manufacturer in Taiwan, to produce the Luggen 7 brand's first EV this year. Outside of China, Foxconn generates about 30% of its revenue. According to the business, it was also thinking about opening plants in Mexico, Vietnam, Indonesia, and Europe.

According to experts, Foxconn can profit from the increased competition in the EV market that compelled Tesla, owned by Elon Musk, to lower the price of its vehicles. Notably, new businesses that lack manufacturing expertise or the ability to navigate the supply chain can nonetheless outsource production.

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