EV Production Facility to Be Opened by Foxconn in Tamil Nadu: Report

Many automakers were compelled to change their primary emphasis from fuel-powered cars to electric ones as governments pushed the EV culture abroad. Foxconn, a Taiwanese manufacturer of electronic goods, is also attempting its hand in the market and is prepared to make a contribution to the Indian electric sector.

According to recent reports, the company has been working hard to launch a little electric vehicle that would be produced locally.

Plans for Foxconn EV in India

The firm has been exploring for prospects to build up an EV manufacturing factory in Tamil Nadu in order to establish its roots in the aforementioned sector. According to the report, Prime Minister Narendra Modi and Foxconn Chairman and CEO Young Liu recently met at Semicon India 2023 in Gujarat to discuss how to advance the objective and grow the company’s operations in the nation.

Here Is How the CEO of Foxconn Reacted

While verifying the information, Liu said that Foxconn has been working hard to meet the needs of consumers in India and would keep deepening its roots there to contribute to the country’s electric market. He also praised India’s efforts to change the country’s EV culture and claimed it had the potential to develop into a new global hub for production.

In order to increase competition in India, Liu also suggested that his business would produce the essential EV components.

Revenue for Foxconn in India

Regarding Foxconn’s future intentions, the firm anticipates investing billions of dollars in the industry and seeking to grow beyond its current 30 plants, which, according to reports, generate a combined annual turnover of roughly USD 10 billion.