Electronics Maker Foxconn Plans To Manufacturing EVs In India

EV manufacturer Foxtron – a JV between Taiwan’s Foxconn Group and Yulon Group – is considering setting up an EV production plant in India.

Back in 2020, Taiwanese electronics giant Foxconn had announced a partnership with Yulon Group, for venturing into the EV market. Under a joint venture, the two companies set up Foxtron, which unveiled three concept electric vehicles last year. Now, as per latest reports, the automaker is looking at manufacturing its EVs in India.

Foxtron is looking to expand its presence across Asia, and it is also considering locations in South East Asia for its EV manufacturing facilities, including Vietnam and Indonesia. Parent company Foxconn already has a presence in India through Bharat FIH, with manufacturing facilities for smartphones for different popular brands like Apple, Xiaomi, etc.

The Taiwanese EV manufacturer is also eyeing the Indian electric vehicle market. As per FADA’s data, passenger electric car sales have grown by over 250 per cent in FY2021-22 on a Year-on-Year basis, with 17,804 units sold. The numbers are only expected to grow further, which makes this market space extremely enticing.

As per sources aware of these developments, the Tamil Nadu government is also working to attract Foxconn Group to invest further in the state. It is possible that apart from manufacturing its own electric vehicles, the conglomerate could contract-manufacture EV for other brands. Last year, the company bought a plant in the US for the same – to manufacture its own EVs and contract-manufacture for brands like Fisker.

It is interesting to note that Tesla has put off its plans to enter the Indian market even as the EV market is expected to grow. The American EV manufacturer had been lobbying for lower taxes on imported electric vehicles. The government of India refused to budge though, urging instead for the automaker to set up local production facilities to beat taxes.

Tata, Mahindra & Mahindra, TVS, and Bajaj are also planning to expand their electric vehicle offerings in the Indian market. Moreover, international brands such as Hyundai, Kia, MG, Yamaha, Suzuki, etc., plan to launch new electric vehicles in the near future in our country.