iPhone Maker Foxconn Plans To Double India Operations Within A Year

iPhone Maker Foxconn Plans To Double India Operations Within A Year

SUMMARY

Foxconn primarily manufactures Apple’s flagship smartphone, the iPhone, in India, alongside other manufacturing operations

Foxconn chairman and CEO Young Liu had said the company might invest several billions of dollars in India if it gets to implement its plans

Recently, the Taiwanese electronics manufacturing giant started the production of the latest iPhone 15 in the country

Foxconn has set an ambitious target to double its India employment, investment and business size in one year.

In a LinkedIn post, V Lee, Foxconn’s India representative, stated, “Happy Birthday, Honourable PM. Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”

Foxconn is a key manufacturer of Apple’s flagship smartphone, the iPhone, in India. The company recently began production of Apple’s latest model, the iPhone 15, on Indian soil. It has been instrumental in establishing India as a major global manufacturing hub for Apple, particularly as the iPhone has become India’s most exported smartphone.

The comment comes a month after Hon Hai Technology Group (Foxconn) chairman and CEO Young Liu indicated that the company might invest several billions of dollars in India if it gets to implement its plans completely. During the company’s second-quarter earnings call, Liu noted that Foxconn’s Indian operations generate close to $10 Bn annually.

“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,” he had said, adding that Foxconn operates around nine campuses in India.

“We have over 30 factories in India. The turnover and business size are roughly $10 Bn annually. We have over 20 dormitories that shelter tens and thousands of employees that work with Foxconn in India,” Liu added. Liu also pointed out that since Foxconn entered India, its revenue, number of employees, and investment scale have grown exponentially.

The Taiwanese contract manufacturer has been diversifying its manufacturing bases beyond China amid the country’s stringent COVID-19 restrictions and escalating geopolitical tensions with the United States and Taiwan. 

The company is contemplating making India its third global hub for electric vehicle (EV) contract manufacturing, in addition to expanding its Apple product lineup. Foxconn aims to produce between 500K and 700K EVs by 2025, accounting for approximately 5% of global EV sales.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

iPhone Maker Foxconn Plans To Double India Operations Within A Year-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

iPhone Maker Foxconn Plans To Double India Operations Within A Year-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

iPhone Maker Foxconn Plans To Double India Operations Within A Year-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

iPhone Maker Foxconn Plans To Double India Operations Within A Year-Inc42 Media
iPhone Maker Foxconn Plans To Double India Operations Within A Year-Inc42 Media
You’re in Good company