Edited by: Sharya Sharma
Last updated: Mar 03, 2023, 12:33 PM IST
Foxconn Technology Group, a major manufacturer of Apple’s iPhone, is reportedly planning to invest up to $700 million in building a new factory in India. The 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 look into producing iPhone parts on a 300-acre site near Bengaluru, Karnataka. And according to reports, the plant could also support Foxconn’s electric vehicle ambitions, which lay dormant.
Amid mounting geopolitical concerns, India has emerged as a potential destination to act as a manufacturing hub for companies including Foxconn. This move could potentially create up to 1,00,000 jobs in India, moving the electronic component manufacturing hub away from China.
Last November, Foxconn’s factory in Zhengzhou, known as the largest Apple iPhone factory in the world, faced challenges with COVID-19 restrictions, leading to significant downtime, impacting iPhone production. A new factory in India would reduce the impact of any future events on the global supply chain by reducing reliance on a single facility.
Foxconn was also looking forward to venturing into the EV market, and now that it has already showcased its Model C EV for the Taiwanese market, the company could potentially look to India to fulfill its EV dreams.
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