Foxconn, key iPhone assembler, is expected to invest several billion dollars in India to enhance manufacturing of electronics components as global tech giants seek to diversify their supply chains, with further investment possible.
Foxconn Chairman Young Liu told investors on Monday that the company’s India operations have grown several times larger since its entry into the nation in 2005, and that the next stage will be growing production capacity for critical components used in consumer electronics.
According to Liu, the company is planning to invest in consumer electronics in both Karnataka and Tamil Nadu and will also be making investments in the state of Telangana. The anticipated exports will begin next year. The company plans to invest in components capacity for electric vehicles in India next year.
Liu also hinted at greater ambitions, saying Foxconn has “potential” to manufacture EVs and chips in India.
According to a report, Apple is aiming to construct a third iPhone assembly centre in India and invest in iPhone metal case capacity in the nation as part of its efforts to diversify its supply chain away from China.
Foxconn is Apple’s largest iPhone assembler and the most important partner in India’s iPhone supply chain. China’s Luxshare Precision Industry, a rising Apple supplier and competitor of Foxconn, has not yet invested in iPhone manufacturing capacity in India due to tense relations between New Delhi and Beijing, says reports.