Foxconn Expands with $10B India Investment

Foxconn is expanding its operations in India, focusing on battery energy storage systems (BESS) and electric vehicle (EV) manufacturing as part of its '3+3 strategy,' which targets electric vehicles, digital health, and robotics. The company plans to set up a BESS unit in Tamil Nadu and an EV manufacturing unit, investing over $10 billion in India. In Karnataka, Foxconn will establish its second-largest plant, creating 40,000 jobs. This move aligns with Foxconn's broader strategy to diversify beyond its core iPhone manufacturing business in China. The company is also looking to develop a new 700-acre campus in Zhengzhou, China, to produce electric cars as it seeks to reduce dependence on Apple. Foxconn's initiatives are aimed at tapping into the significant growth potential of these sectors, supported by collaborations with local governments and substantial investments.