What is Foxconn?
Foxconn tech manufacturing and Electronics Company was founded in 1974 by Terry Gou and headquartered in the Tucheng district of New Taipi City. It manufactures electronic gadgets, components, and computer chips.
Foxconn produces electronic components for Canadian, Finnish, Japanese, American, and Chinese firms. Foxconn produced products comprise Nokia, Kindle, Blackberry, iPhone, iPad, Google Pixel, Sony etc.
Foxconn Keen to Make EVs in India
Taiwanese tech manufacturer and electronics company Foxconn is keen to manufacture electric vehicles in India. The tech giant is contemplating setting up a factory in India. Foxconn wishes to make EVs in India to expand its production beyond China.
In the EV section of Foxconn, Foxtron is contemplating setting up a factory in India and other countries in South Asia like Vietnam and Indonesia.
EVs are a new division of Foxconn. In the previous year, it purchased a factory in America to make EVs for North America. The tech firm planned to utilize the plant to manufacture EVs and products for hybrid electronics vehicles brand Fisker.
According to some reports, the Government of Tamil Nadu plans to convince the tech giant to invest in Tamil Nadu. Tamil Nadu has two factories where the tech firm produces products for Apple and Chinese companies.
The news report also mentioned that Tamil Nadu wishes the tech firm to invest in the state. The tech firm Foxconn is interested in building factories to manufacture EVs in India.
Foxconn’s enthusiasm for the Indian electronics vehicle market flared after they observed a rising demand for electronic vehicles among the citizens of India. Foxconn is surveying the automobile space in India. Foxconn also wants to manufacture other electronic products apart from phones.
At the beginning of June, Bharat FIH got approval for an IPO. The initial public offering of Bharat FIH consists of a fresh round of shares and a sale of stakes by a promoter firm. Bharat FIH is a section of Foxconn.
Like Foxconn, Tesla also wants to explore the electronics vehicle market of India. But Elon Musk desires to sell cars manufactured in Tesla’s Chinese outlet. The Government of India does not allow it Elon Musk is requesting the Indian Government to deduct EVs import fees from China.
The Government of India has levied import fees on imported cars. Responding to the appeal of Tesla founder Elon Musk, Nitin Gadkari, the Road Transport Minister of India, has said that if Tesla start making EVs in India, there will be no problems.
Tesla should not think of importing cars from China. Initially known as Hon Hai Precision Industry, Foxconn focuses on playing a beneficial role in the electronic vehicle market worldwide. Foxconn has sealed deals with American Startup Fisker and the energy group of Thailand PTT PCL.
Mr. Young Lui, the present chairman of Foxconn, said that he can not reveal many details of the tech firm’s plans for India.
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