About a month after?Elon Musk's Tesla?executives visited India to talk to the government regarding the EV maker's entry into the country, the EV sector in India?seems set to witness another big boost.
Foxconn, known to be the contract?manufacturer of?iPhones?in India, is looking to make electric vehicles (EVs) in the country and is directly in talks with several state governments regarding the same, as per an ET report. An Indian delegation will visit Taiwan soon and meet Foxconn executives to discuss the company's EV plans.
The company is keen on setting up its plant in?Maharashtra, but due to some challenges, it may consider Tamil Nadu as its auto manufacturing hub. Foxconn already manufactures iPhones in Chennai.?The company may also consider?Telangana?as its "most active state in terms of outreach and incentive." In addition to EVs, the company may also develop EV components in India.?
In its annual report, published on May 31st, the company said that India would assist it in establishing a production line this year?to provide for manufacturing EV two-wheelers for Southeast Asia.
Also Read:?At 4.15%, Interest Rate On Apple's New Savings Account Is Higher Than India's Major Banks
Earlier this year, Foxconn chairman Young Lio met India's Prime Minister Narendra Modi PM Modi tweeted, "Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India¡¯s tech and innovation eco-system."
Foxconn Group's?Bharat FIH?said in December 2021 that they had commenced business with EV makers like Ather Energy and Ola Electric. However, whether the company will go solo or form a joint venture (JV) to make EVs in India is still unknown.
"It is still unclear if Foxconn will do contract manufacturing for multiple brands or for a single brand through the JV route," a person aware of the matter reportedly said.
"They have a tie-up with Ather Energy but it is likely that they will look for a partner when they come into the space ¡ª possibly with one of the (Indian) auto giants ¡ª as they did for semiconductors," they added.?Notably, Foxconn and Vedanta announced a JV in 2022 to manufacture semiconductor chips in India.
In recent months, Apple has quickly achieved some key milestones in India. Earlier this month,?Apple's?first two retail stores in India earned monthly sales of over ?22-25 crore each, well over two times what's believed to be the highest revenue for an electronics store in the country during the non-Diwali period.
And earlier this year, in January,?Apple?became the first company from India to export smartphones worth $1 billion?(?8,100 crore) in a single month, meeting the milestone in December 2022.
And that's not all.?In February 2023, Apple had become the single largest creator of jobs in India¡¯s electronics sector after having generated 1 lakh new direct jobs in the past 19 months.
Also Read:?Timeline: Highlights From?Apple's?15 Year Journey In?India
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