The Taiwanese company has declared investing over $1.2 billion in India and remains bullish on expanding into EVs and semiconductors, while its iPhone manufacturing capacity may go up to 15 percent in a few years
Foxconn Chairman Young Liu addresses the audience during the 'SemiconIndia 2023', in Gandhinagar, India on July 28, 2023. Image: Amit Dave/ Reuters
On August 14, when Taipei-based Foxconn announced its quarterly results, India was frequently cited. And it doesn’t come as a surprise. The leading contract manufacturer of electronics has been pouring investments into the country and eyeing expansion in the semiconductors and electric vehicles (EVs) space. So far, in its nearly-two decades of presence in India, Foxconn’s main operations have focussed on the information and communications technology (ICT) assembly business. Now it wants to expand key component capacity to increase its competitiveness in India.
Amid geopolitical concerns, the Taiwanese company is on an expansion spree. Foxconn is making a serious effort to be less reliant on its supply chain in China, which accounts for 75 percent of its operations. During his recent visit to India, the chairman of the company, Young Liu, signed a series of agreements with the governments of Karnataka, Tamil Nadu and Telangana.