Foxconn plans a BESS unit in Tamil Nadu, expanding its EV focus, with major investments in India, including a new iPhone factory.
Foxconn, the electronics manufacturer that popularized itself through assembling the iPhone, is plotting its entry into the Indian market through its Battery Energy Storage System (BESS) division. This was revealed by Chairman Young Liu recently, during a tour to Sriperumbudur in Tamil Nadu where the company has already set up an iPhone assembly dealership. Liu stated that negotiations with the state’s industries minister have been made and Tamil Nadu seems to be the most probable place for the new center.
Collaborations and Investments
While on the tour, he held a sitting with the Prime Minister, Narendra Modi to consider new investments in Tamil Nadu, Karnataka, Bihar, and Andhra Pradesh. In India, Foxconn has already signed deals that are worth $10 billion and is eyeing to reach even much higher in the next few years. Liu stressed Foxconn’s passion towards the continued growth of India by saying, “Foxconn wants to be part of it; we shall grow side by side with India. ”
The “3+3 Strategy”
Foxconn’s “3+3 strategy” identifies three key industries as areas of focus such sectors as electric vehicles, digital health and robotics. Its goal is to have 5% of the global market of EVs and plans to generate $33 billion from its EVs and EV components business by 2025. For Foxconn these industries are viewed as having high growth potential; the global market of these industries is believed to be worth as much as $1.4 trillion and their growth is in excess of 20% annually.
Expansion in Bangalore
Liu also travelled to Bangalore, where Foxconn is planning to invest $2.7 billion in a new iPhone production line located on a 300 acre land beside the international airport. This facility will have the potential of producing 20 million smartphones per year, thus improving Foxconn manufacturing operations in India and fortifying its presence in a strategically significant country that has a dynamically growing economy.
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