Foxconn is going to build another Apple iPhone manufacturing plant in a 300-acre new factory in India’s Karnataka, the country’s Union Minister Rajeev Chandrasekhar and the state Chief Minister Basavaraj Bommai have said. According to them, the manufacturing facility will employ 100,000 people, reports NDTV. The investment, one of Foxconn’s largest single expenditures in India to date, comes as global businesses increasingly move away from China as Washington-Beijing tensions grow. In the outskirts of Bengaluru, land has been made available to Foxconn, the leading manufacturer of iPhones. The 300-acre site is said to be one of the largest manufacturing units for Apple’s iPhones. The Taiwanese company is planning to invest US$ 700 million in the new plant to ramp up local production, according to a Bloomberg report. The factory may also assemble Apple handsets, Bloomberg said, quoting sources. Foxconn might manufacture some components for its budding electric vehicle industry at the new site, added the report. “Bengaluru was the preferred destination for global companies and had been a forerunner in attracting investment,” Foxconn Chairman Young Liu said after visiting the factory site. Foxconn, meanwhile, continues to produce iPhones at its massive manufacturing facility in the Chinese city of Zhengzhou, where it currently employs some 200,000 people. Foxconn has made a significant investment in India twice now. In a facility in Tamil Nadu, the firm is already producing iPhones of the latest generation. Foxconn reported earnings of USD 206 billion in 2021, placing it second globally in the production of Apple phones. According to reports, Foxconn is the biggest producer of electronics worldwide. It ranked 20th in the Fortune Global 500 as of the previous year. There are 173 campuses and offices for Foxconn spread over 24 countries or regions, including those in China, Japan, Vietnam, the Czech Republic, and the US.
Foxconn will build electric vehicle factories in Europe, India and either North or South America by 2024, as the key iPhone assembler looks to rapidly expand its presence in the booming EV industry, the company chairman said. The Taiwanese tech titan and world's largest contract electronics manufacturer has made EVs a key part of its growth strategy, reflecting a maturing smartphone market, reports Nikkei Asia. Read: Nine countries to follow additional measures as India revises COVID-19 guidelines for international travellers "Regional manufacturing will be a key to developing our EV business globally," Foxconn Chairman Young Liu told reporters on the sideline of an industry event in Taipei on Wednesday. "We will share details of a European facility, followed by India and then the South American market." Liu said all plans will involve partnering with local governments or government-recommended enterprises. "In Europe, through collaboration, we will work indirectly with German automakers." A new American plant, he added, would serve the South American market though it could end up being located in Mexico, which has become an important hub for automotive supply chains and a key manufacturing base for Foxconn. Foxconn has already made overseas forays into EVs. It recently acquired a manufacturing plant from Lordstown Motors in the U.S. state of Ohio, which the company will use to produce full-size electric pickup trucks for the American market from April 2022. Foxconn is also building a production facility in Thailand with state-backed oil and gas company PTT to serve Southeast Asia. In China, the company is collaborating with Zhejiang Geely Holding. Liu said Foxconn can offer open software solutions and chassis designs for carmakers, which they can customize for their target markets. "In the past, any company set to make a brand-new car will need an investment of at least 10 billion New Taiwan dollars ($359 million), but Foxconn's service could help all the players save on cost and development time." Read: India hits 1 billion Covid vaccination milestone The iPhone assembler has vowed to turn its nascent EV venture into a $35 billion business in five years. Foxconn's revenue from its automotive-related business is projected to surpass NT$10 billion for the first time this year. Foxconn on Monday unveiled three EV prototypes -- an SUV, luxury sedan and bus -- made by Foxtron, its joint venture with Taiwanese automaker Yulon Motors. Yulon Chairperson and CEO Lilian Chen said her company will be one of the first to adopt Foxtron's prototypes.
Fiat Chrysler Automobiles (FCA) confirmed Friday that it is in discussions with major electronics manufacturer Foxconn, formally known as Hon Hai Precision Industry Co Ltd., regarding the potential creation of an equal joint venture.