Taiwanese electronics major Foxconn Technology Group is reportedly looking at India as its third global base for tapping into the potential electric vehicle (EV) outsourcing market, with plans to capture 5 percent of the sales worldwide by 2025.
The company aims to deliver between 500,000 and 700,000 EVs by that time. It has already acquired a plant in Ohio, US, for $230 million, capable of producing 500,000–600,000 vehicles annually. The iPhone maker also has a factory in Thailand to make EVs.
The plant, built in a joint venture with Thailand’s energy giant PTT, will have an initial production capacity of 50,000 vehicles a year, which can be scaled up to produce 1.5 lakh units, the Business Standard reported.
Foxconn assembles commercial EVs and e-buses but plans to move into passenger car production this year, the financial daily reported, citing the company’s annual report released recently.
For this, the Taiwanese company held talks with the authorities of two of the southern Indian states,Telangana and Tamil Nadu, to set up an EV plant and a decision is likely soon.
Foxconn may have an advantage in India, as it is already the largest electronics manufacturing service provider in the country, being the largest contract manufacturer of iPhones for Apple for India and export markets.
Bharat FIH, Foxconn’s Indian arm, has been producing electronic components for EV two-wheeler companies such as Ather Energy and Ola Electric since 2015.
Foxconn is also planning to set up a compound semiconductor fab plant for gallium nitride and silicon carbide chips, critical components for the electric auto industry.
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