Foxconn, the Taiwan-based tech giant which is also Apple’s contract manufacturer, has plans to manufacture electric cars in India, Brazil and Europe, said chairman Liu Young-way. The company earlier proclaimed its foray into the electric vehicle (EV) business.
Foxconn, which was previously called Hon Hai Precision Industry Co Ltd, aims to offer components for 10% of the world’s EV market by 2027. The company has entered into deals with US startup Fisker Inc and Thailand’s energy group PTT PCL.
Liu after revealing three EV prototypes on Monday
said he wouldn’t be able to comment on the company’s India, Europe and Brazil plans due to disclosure restrictions.
India was the world’s fifth-largest auto market in 2020 in terms of a number of passenger and commercial vehicles sold.
US-based Tesla is also trying to enter the Indian market and is lobbying with the Indian government to lower import duties, which it says are highest in the world.
Tesla CEO Elon Musk earlier said that a factory in India is “quite likely” if the government permits lowers duty on imported vehicles. Cars imported in Indian as completely built units (CBUs) are taxed at 60-100% depending on engine cost, insurance, and frieght value less or above $40,000.
India has set a plan for 100% electrification by 2030. The Indian EV market is projected to grow to $206 billion by 2030, as per CEEW Centre for Energy Finance (CEEW-CEF) study.
Several players like Ola Electric, Ather Energy, and Mahindra Electrics are increasing their footprint in the space as India shifts towards cleaner fuels. States such as Karnataka and Tamil Nadu are rolling out.