Foxconn is best known for producing iPhones for Apple. However, the company also produces parts for electric vehicles for many brands. In a recent development, Foxconn is reportedly planning to set up an EV factory in India this year. The company is expected to invest $1 billion in the project, which would create jobs for thousands of people. Here are the details.
Foxconn may set up EV factory in India this year
The electric vehicle market is becoming increasingly competitive. A wide range of companies, from established car manufacturers like Volkswagen to startups like Xpeng, are vying for a share of this growing market. Foxconn, which already produces parts for EVs, sees this as an opportunity. By investing heavily in increasing its capacity, Foxconn hopes to emerge profitably from the growing competition.
The company is set to set up an electric vehicle factory in India. The factory will be located in Karnataka, India, and will have the capacity to produce 1 million EVs per year. The initial focus will be on two-wheeled EVs, but the factory could eventually be expanded to produce four-wheeled EVs as well.
Foxconn’s decision to set up an EV factory in India is a sign of the growing importance of the Indian market for EVs. The Indian government has been pushing for the adoption of EVs in order to reduce air pollution and greenhouse gas emissions. The government has also offered a number of incentives to EV manufacturers, including tax breaks and subsidies. The factory is expected to begin production in 2024.