There have been several recent reports speculating Foxconn's plans to enter the Indian EV manufacturing market.
In rather important news, an Indian delegation is currently in Taiwan with an aim to effectively engage with executives of Taiwanese contract manufacturer Foxconn. The Indian officials are looking to depict India as an appealing destination for electric vehicle (EV) manufacturing, a report in The Economic Times stated.
The report further mentioned that the Indian delegation will also provide updates to Foxconn with reference to India's efforts in exploring potential reserves of minerals like lithium, nickel, manganese, and cobalt, which are essential for EV production. The latest visit of the Indian officials comes in the aftermath of several media reports, which hinted at Foxconn's plans to enter the Indian EV manufacturing market this year. Nonetheless, the Indian government too is pushing for eco-friendly transportation.
During the visit of top Foxconn executives last year, the officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh conducted discussions regarding EV manufacturing plans. In fact, the Geological Survey of India revealed in February that 5.9 million tonnes of lithium resources have been discovered in the Reasi district in Jammu and Kashmir.
Not just that, earlier in June this year, Karnataka’s Minister for Large and Medium Industries, M.B. Patil revealed that Apple Inc supplier Foxconn has plans to start manufacturing iPhone units at its proposed plant in Devanahalli by April 2024, and the state government will be handing out the required land to the company by July 1 to facilitate the process.
He too stated how the representatives of the company led by George Chu met him, and the Rs 13,600 crore project is expected to create 50,000 jobs as well.
