Apple's iPhone Maker Foxconn Plots Electric Vehicle Venture In India

Foxconn, Apple‘s iPhone manufacturer, aims to enter India’s electric vehicle (EV) manufacturing space and the Taiwanese firm has reportedly been in discussions with various state governments to facilitate this push.

What Happened? As per Foxconn’s annual report published on May 31, the company plans to launch a production line in India this year for manufacturing two-wheeled EVs targeted at Southeast Asia’s EV market. This is the first time Foxconn has openly confirmed its EV manufacturing intentions in India.

An Indian delegation is preparing to visit Taiwan to meet Foxconn executives and discuss the company’s EV plans. The specifics of whether Foxconn will manufacture for multiple brands or opt for a single brand via a joint venture (JV) remain uncertain.

Although Foxconn has already partnered with Ather Energy, an electric scooter maker, it is expected to seek additional partnerships, potentially with Indian auto giants.

See also: India Might Command 18% Of Apple’s Global iPhone Production By 2025: Report

In 2022, Foxconn established a JV with Vedanta to produce semiconductors in India. Four state officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh have also engaged in discussions with Foxconn about its EV plans.

News that Moves

Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.

Congratulations!
You have successfully subscribed.

The company’s strategy is to position itself as the “Android of the EV ecosystem,” building a vertical platform that includes manufacturing, hardware, component manufacturing, and battery management, and then partnering with local firms.

Do not miss: Where And How To Buy Refurbished iPhone In India

Posted In: EVfoxconniPhone