Edited By: Shaurya Sharma
Last Updated: March 03, 2023, 12:33 IST
Foxconn Technology Group, a major manufacturer for Apple’s iPhone, is reportedly planning to invest up to $700 million to build a new plant in India. This move is seen as an effort to increase production in the country while reducing reliance on facilities in China due to escalating geopolitical tensions between Washington and Beijing.
According to Bloomberg, Foxconn could be looking at producing iPhone parts on a 300-acre site located near Bengaluru, Karnataka. And, as per reports, the plant could also support Foxconn’s electric vehicle ambitions, which have been laying dormant.
Amidst the rising geopolitical issues, India has emerged as a potential destination for acting as a manufacturing hub for companies including Foxconn. This move could potentially create up to 1,00,000 jobs in India—shifting the electronic components manufacturing hub away from China.
Last November, Foxconn’s Zhengzhou facility, known as the biggest Apple iPhone factory globally, faced challenges with COVID-19 restrictions leading to significant downtime, impacting iPhone production. A new plant in India would mitigate the impact of any future events on the global supply chain by reducing dependence on a single facility.
Foxconn has also been looking forward to venture into the EV market, and now that it has already showcased its Model C EV for the Taiwanese market, the company could be potentially looking at India to bring its EV dreams into fruition.
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