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China Times: Foxconn Plans $700 Million New Investment in India

Major Taiwanese newspaper China Times recently reported that top Apple supplier Foxconn, after setting up a foundry in India, developed recent plans to invest an additional US$700 million to build a new factory in India. The new production line is expected to be used to take over the iPhone production capacity transferred from Mainland China. Indian officials said that Apple wants to shift 25 percent of its iPhone production capacity to India due to concerns over the Chinese supply chain risks. The factory covers an area of about 1.2 square kilometers. In addition to the production of iPhones, the factory may also be used for electric vehicle parts. The new factory is expected to employ 100,000 workers. This investment is one of Foxconn’s largest single investments in India so far. In the future, China may face the risk of losing its status as the world’s largest producer of consumer electronics . Foxconn’s Zhengzhou (China) factory output dropped sharply due to the Chinese government Zero Covid lockdown at the end of last year, making Apple re-examine its supply chain in China. Foxconn’s investment in India may be a move to stay in line with Apple’s policies. Some reports indicated that the Apple iPhone 14 series 2022 production slipped by nearly 6 million units.

Source: China Times, March 3, 2023