Foxconn Will Soon Enter The Electric Vehicle Segment

June 22, 2022 daknewsnetwork

Foxconn will soon enter the electric vehicle segment. This iPhone maker is looking to invest in India: Foxconn EV Plan.

Soon a new company can knock on the Indian electric market. According to media reports, Taiwan’s giant electric company Foxconn is considering making electric vehicles in India.

Let us tell you that this is the same company that currently makes phones for Apple and Chinese brands such as Xiaomi.

Currently, the company is making a plan to expand the Asian manufacturing supply chain beyond China, with the company exploring investment avenues in India.

What is the company’s plan?

Foxconn Group has shown interest in manufacturing lines other than phones for customers and for itself.

The company is considering setting up an EV manufacturing center in India along with South Asia such as Vietnam and Indonesia.

For this, its electric vehicles subsidiary Foxtron has been entrusted with this task.

Foxconn already exists in India.

For information, let us tell you that currently the India FIH, a subsidiary of Foxconn, works with two units in Tamil Nadu that make phones for Apple and Xiaomi.

At the same time, the report said that the Tamil Nadu government wants the company to invest more in the state.

Also earlier this month India FIH got permission from SEBI to raise around Rs 5,000 crore through an initial public offering (IPO).

Already started in America.

Foxconn is already preparing to enter the new segment. The company only last year bought a factory to produce electric vehicles for the North American market.

Apart from this, this hybrid EV will also use the plants of the brand Fisker.

Looking at the company’s annual report, 2021, Foxconn is looking to replicate the localization model policy in other markets like South-East Asia in the future.

Demand is growing at 2.5 times the pace in India.

According to the Federation of Automobile Dealers Associations (FADA), sales of passenger electric cars in the country grew 2.5 times to 17,804 units in FY22, reflecting strong demand for these cars.

This growing demand for electric vehicles in India has attracted investors from all over the world.