Foxconn eyes entry into Indian EV manufacturing, seeks partnerships and government support
While Foxconn already has a partnership with Ather Energy, it is expected to seek additional collaborations as it ventures into the EV market. The company may also explore a partnership with a prominent Indian auto company.
Electronics contract manufacturer (Hon Hai Technology Group) has set its sights on the electric vehicle (EV) manufacturing sector in India.
The Taiwanese company has been engaged in discussions with various state governments in India, according to The Economic Times.
An Indian delegation is scheduled to visit Taiwan soon to meet with Foxconn executives. However, it remains uncertain whether Foxconn intends to undertake contract manufacturing for multiple brands or form a joint venture with a single partner.
While Foxconn already has a partnership with Ather Energy, an electric scooter manufacturer, it is expected to seek additional collaborations as it ventures into the EV market. According to sources cited by the publication, the company may even explore a partnership with a prominent Indian auto company.
In the past year, top Foxconn executives have held discussions with officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh during their visit to India to explore the company's EV plans. While Maharashtra is an appealing prospect for Foxconn, it may also consider Tamil Nadu due to the presence of an auto manufacturing hub in the state. Telangana, known for its active outreach and incentives, is also being considered.
The company aims to establish a comprehensive platform encompassing manufacturing, hardware, component manufacturing, and battery management. Foxconn plans to collaborate with local firms to achieve this goal.
In its annual report published on May 31, Foxconn said that India would assist in establishing a production line for two-wheeler EV manufacturing services this year.
During the visit of Foxconn Chairman Young Liu to India, Prime Minister Narendra Modi said the company's pursuit of EV manufacturing aligns with India's commitment to achieving net-zero emissions.
Earlier this year, Liu, in a letter addressed to Telangana Chief Minister K Chandrasekhar Rao, confirmed the commitment of Foxconn to set up a manufacturing facility in Kongara Kalan and sought the support of the state team in operationalising the Kongar Kalan Park as early as possible.
Edited by Affirunisa Kankudti