SUMMARY
With this, the Foxconn aims to diversify production outside China
Young Liu, CEO of the parent company Hon Hai Technology Group told media that India was discussed frequently during investors’ calls during the last two quarters
In the country, it achieved an annual turnover of $10 Bn at the end of the second quarter of 2023
Shortly after revealing an augmented investment in Telangana, Apple’s supplier Foxconn has commenced the production of the iPhone 15 at its manufacturing unit in Tamil Nadu, in addition to its primary manufacturing base in China.
The tech giant’s Sriperumbudur plant is expected to manufacture the latest devices. In an effort to expand its production beyond China and reduce supply chain vulnerabilities, Foxconn is aiming to boost its manufacturing capacity in India, as per a Bloomberg report.
Last month, it was also reported that the Taiwanese tech giant was in talks with the state to build another manufacturing facility in Tamil Nadu. Following this, in July the company was reported to have signed a letter of intent (LoI) with the Tamil Nadu government to invest $194 Mn. However, the report was denied by Foxconn.
On Tuesday (August 15), a senior Foxconn executive said that the tech giant might consider investing billions of dollars in India upon successful implementation of its plans.
Young Liu, the chairman and chief executive officer (CEO) of the parent company Hon Hai Technology Group said, “Foxconn annual revenue was $200 Bn. From the perspective of India’s potential market size and if we can fully implement our plans there, several billion dollars in investment is only the beginning.”
Further hinting at the significance of India as a part of the company’s growth plans, he said that India was discussed frequently during investors’ calls in the last two quarters. In the country, it achieved an annual turnover of $10 Bn at the end of the second quarter of 2023.
The company will also start manufacturing iPhones at its plant in Karnataka’s Devanahalli by April 2024.
In addition to iPhone 15, yesterday it was reported that Foxconn is also gearing up to start production of AirPods by 2024 at its Hyderabad facility. The announcement follows Foxconn’s recent commitment of an additional $400 Mn investment in Telangana.
