Foxconn, the prominent manufacturer of Apple’s flagship iPhone, is setting ambitious goals for its operations in India. The Taiwanese electronics giant aims to double its employment, investment, and business size in the country within a year. This comes as Foxconn plays a pivotal role in establishing India as a major global manufacturing hub for Apple, particularly with the production of the latest iPhone 15 within the country.
Foxconn’s India Growth
Foxconn’s representative in India, V Lee, expressed this commitment on LinkedIn, highlighting the company’s rapid growth in the country under Prime Minister Modi’s leadership. The company’s operations in India already generate approximately $10 billion annually, a significant contribution to its $200 billion annual revenue.
Future Investments and Diversification
Foxconn’s chairman and CEO, Young Liu, recently indicated that the company could invest billions of dollars in India if its plans materialize fully. The firm operates around nine campuses in India and has over 30 factories, with plans to expand beyond iPhone manufacturing.
Foxconn is exploring India as a potential third global hub for electric vehicle (EV) contract manufacturing, aligning with its goal to produce 500,000 to 700,000 EVs by 2025, capturing about 5% of the global EV market. This diversification beyond iPhones reflects Foxconn’s strategy to reduce its dependence on China and navigate challenges posed by COVID-19 restrictions and geopolitical tensions.
Foxconn’s commitment to doubling its India operations signifies the country’s growing importance in global electronics manufacturing. As Foxconn expands its footprint in India and explores EV manufacturing, it strengthens India’s position on the global manufacturing map and offers significant economic opportunities.