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Foxconn plans to enter India’s EV sphere: Report

Taiwanese business has made clear efforts to further its EV production goals in India
PrashantPrashant19-Jun-23 7:34 AM
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Foxconn plans to enter India’s EV sphere: Report

The manufacturer of Apple iPhones

Foxconn

aims to manufacture electric vehicles (EVs) in India and has been in discussions with various state governments to further its intentions, a report by Economic Times stated. According to Foxconn's annual report, India will help set up a production line this year to supply services for the construction of two-wheeled electric vehicles (EVs) for the Southeast Asian market.


This is the first time the Taiwanese business has made clear efforts to further its EV production goals in India. According to ET, an Indian team will soon go to Taiwan and meet with Foxconn officials to talk about the company's ambitions for electric vehicles.


Vedanta and Hon Hai Technology Group (Foxconn) established a joint venture to produce semiconductors in India in February 2022. Gujarat-based semiconductor and display manufacturing facilities are being built with a $19.5 billion investment by Vedanta and Taiwanese company Foxconn. During their tour to the nation last year, officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh reportedly met with top Foxconn executives to discuss their plans for EV manufacturing. Prime Minister Narendra Modi tweeted last year that the Taiwanese company's "push for EV manufacturing is in line with our commitment of Net Zero Emission" during Foxconn Chairman Young Liu's first visit to India.


According to Karnataka Large and Medium Industries Minister M B Patil, contract manufacturer Foxconn for tech giant Apple plans to begin producing iPhone units at its proposed Devanahalli plant by April 2024. The state will provide the company with the necessary land by July 1 of this year. According to a press statement, the international corporation with headquarters in Taiwan has already paid the Karnataka Industrial Areas Development Board (KIADB) 30% of the land's cost, or $90 crore.


It said that the project's three-phase completion schedule included a target of 20 million (2 crores) units of production per year from the facility after all three stages were finished.

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