Taiwanese contract manufacturer Foxconn is aiming to expand its business beyond smartphones, targeting new industries such as information and communication technology (ICT), electric vehicles (EVs), battery production for EVs, and digital health. This strategic shift is part of their growth plan for the Indian market.
Foxconn is focusing on batteries as a key component of its broader electric vehicle (EV) strategy. According to Foxconn Chairman Young Liu, generative artificial intelligence (GenAI) will be crucial in this effort, as it has the potential to make many previously unachievable things possible.
Liu, who received the Padma Bhushan award this year, mentioned that Foxconn plans to develop townships in Tamil Nadu, aiming to replicate the successful model it has implemented in Taiwan and China.
Regarding India, Liu emphasized that no company can overlook its potential, and Foxconn is actively working to be a part of India’s growth story. He mentioned that Taiwan could emerge as India’s “most trusted and reliable partner,” with Foxconn aiming to establish itself in that role.
The Taiwanese contract manufacturer is exploring the possibility of starting iPad production in India and is also considering expanding into new areas such as AI servers and Pixel smartphones.
Earlier this year, Foxconn announced plans for its Indian subsidiary to invest ₹1,200 crore in constructing a factory on land owned by the company. Additionally, a large-scale factory is being built near Bengaluru, primarily focused on producing iPhones.
Moreover, Foxconn revealed an investment of $37.2 million and a partnership with IT giant HCL Group to set up a chip packaging and testing facility in India. This move follows the collapse of its joint venture with the Vedanta Group.
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