IPhone maker Foxconn aims to double investment, employment in India
Foxconn’s expansion in India underscores how China’s at risk of losing its status as the world’s largest producer of consumer electronics.
Apple Inc. partner Foxconn Technology Group plans to double its investment and employment in India, highlighting an accelerating manufacturing shift away from China as Washington-Beijing tensions grow.
V Lee, a Foxconn representative in India, said in a LinkedIn posting Sunday the Taiwanese company plans to double the size of its business in the South Asian country, as he congratulated Prime Minister Narendra Modi for his birthday. He didn’t give details.
“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,” Lee said.
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The investment plans of the Taiwanese company, also known for its flagship unit Hon Hai Precision Industry Co., include a 300-acre site close to the airport in Bengaluru, the capital of Karnataka, Bloomberg News previously reported. That plant is likely to assemble iPhones and expected to create about 100,000 jobs.
Setback for China
Foxconn’s expansion in India underscores how China’s at risk of losing its status as the world’s largest producer of consumer electronics. Apple and other US brands are leaning on their Chinese-based suppliers to explore alternative locations such as India and Vietnam. It’s a rethink of the global supply chain that’s accelerated during the pandemic and the war in Ukraine and could reshape the way global electronics are made.
Hon Hai Chairman Young Liu last month reaffirmed Foxconn’s intention to increase investments in India, where it already operates nine production campuses and more than 30 factories employing tens of thousands of people. The company is in the early stages of expanding further in the country, where it takes in around $10 billion of revenue annually, Liu said.