Foxconn, the Taiwan-based electronics manufacturing giant, has set its sights on India, aiming to make the country its third major hub for electric vehicle (EV) production. The company’s ambitious plan is to capture 5% of the global EV market share by 2025.
What Happened? Foxconn’s Chairman, Liu Young-way, highlighted the company’s strategic vision during a recent interaction with Business Standard. He emphasized that Foxconn is actively exploring opportunities in the Indian market, which is rapidly emerging as a significant player in the EV sector.
The company’s decision to focus on India aligns with its broader strategy of diversifying its global manufacturing footprint. Currently, Foxconn has established EV hubs in Taiwan and China. By adding India to this list, the company aims to tap into the country’s vast market potential and its growing appetite for sustainable mobility solutions.
India’s EV aspirations: India’s EV market has witnessed a surge in demand, driven by favourable government policies, increasing environmental awareness, and advancements in battery technology. Recognizing this trend, Foxconn is keen to collaborate with local partners, invest in state-of-the-art manufacturing facilities, and leverage India’s skilled workforce.
Read next: Samsung Strikes Gold In India’s Manufacturing Drive With A ₹600 Crore PLI Payout
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