• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, July 13, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech Automobiles

Foxconn plans to manufacture electric vehicles in India by 2024

by Balraj
October 21, 2021
in Automobiles, Business, Electric Vehicles, India News, Manufacturing, Tech
Reading Time: 2 mins read
0
Foxconn Chairman Young Liu says regional production will be key to achieving the iPhone assembler's auto ambitions

Courtesy: Nikkei Asia

TwitterWhatsappLinkedin

Foxconn, a Taiwanese multinational electronics contract manufacturer, has announced its foray into the electric vehicle industry and plans to manufacture its vehicles in India by 2024. Foxconn Chairman Liu Young-way announced his company’s global manufacturing aspirations just days after revealing its first three concept electric vehicles.

You might also like

Google Invests $2.4 Billion in AI Coding, Taps Windsurf CEO Varun Mohan

Foxconn Initiates iPhone 17 Trial Production in India Amidst Shifting Global Supply Chains

Intel CEO Admits Defeat in AI Race, Company No Longer Top 10 in Semiconductors as Layoffs Continue

Foxconn Chairman Young Liu says regional production will be key to achieving the iPhone assembler's auto ambitions
Courtesy: Nikkei Asia

Foxconn, according to Liu, is willing to manufacture electric vehicles in countries such as India, Brazil, and other European countries. However, he stated that due to ‘disclosure restrictions,’ a proposed action for Foxconn’s coming to India or Brazil cannot be released at this time. Liu added, “Europe will be a bit faster, I agree with that. But as to where I can’t tell you.” He also stated that Foxconn is willing to work ‘indirectly’ with German automakers.

Foxconn, the world’s largest iPhone assembler, made the very first foray into the electric vehicle industry on Monday, showing three prototype vehicles that are powered by batteries. These include the Model C SUV and the Model E sedan, both of which have remarkable features such as race-car-level acceleration and a range of 750 kilometers. The company also showcased a Model T bus, which claims a range of 400 kilometers on a single charge and a top speed of 120 kilometers per hour.

In addition, the company stated that it seeks to build for automobile customers instead of selling directly to customers under its own brand. “We are no longer the new kid in town. We have gradually built an EV supply chain and showcased our EV hardware,” said Young Liu, Chairman of Foxconn’s flagship unit Hon Hai Precision Industry Co.

The company has previously signed contracts with the US-based startup Fisker, which also manufactures electric vehicles, and Thailand’s energy group PTT PCL. In addition, the corporation acquired a manufacturing facility in the United States that was previously owned by Tesla’s rival Lordstown Motors in order to manufacture electric vehicles. In August, it bought a semiconductor facility in Taiwan in order to meet future demand for auto chips.

In May of this year, Foxconn and Stellantis Group, which features carmakers such as Jeep, Citroen, among others, expressed their willingness to form a joint venture to distribute in-car and connected-car technologies.

These developments coincide with the Indian government’s efforts to encourage automakers to manufacture electric vehicles in India rather than importing them. Car import taxes of up to 100 percent make it unprofitable for manufacturers to import and sell vehicles from other countries: they eventually cost too much in comparison to vehicles manufactured in the United States. Elon Musk famously spoke up regarding this matter earlier.

Because of the low labor costs in the country and the low import tariffs, investing in domestic manufacturing capabilities is a smart decision for any manufacturer looking to sell vehicles in the domestic market. These market conditions offer local manufacturers an obvious and clear edge when it comes to approaching the EV market, which has contributed to an increase in EV investments in India, among other factors.

Tags: electric vehicleFoxconnLiu YoungLordstown MotorsStellantis Group
Tweet54SendShare15
Previous Post

Chainalysis adds Bitcoin to their balance sheet

Next Post

Sony Patent will let esports viewers vote out players from games

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

Google Invests $2.4 Billion in AI Coding, Taps Windsurf CEO Varun Mohan

by Sneha Singh
July 13, 2025
0
Google Invests $2.4 Billion in AI Coding, Taps Windsurf CEO Varun Mohan

Google has made a major move in the artificial intelligence talent wars, landing Varun Mohan, the co-founder and CEO of hot AI coding startup Windsurf, along with several...

Read more

Foxconn Initiates iPhone 17 Trial Production in India Amidst Shifting Global Supply Chains

by Anochie Esther
July 13, 2025
0
iPhone 17

In a significant move signaling Apple's accelerating diversification of its supply chain, Foxconn Technology Group, a primary iPhone assembler, has commenced importing crucial components for the upcoming iPhone...

Read more

Intel CEO Admits Defeat in AI Race, Company No Longer Top 10 in Semiconductors as Layoffs Continue

by Sneha Singh
July 13, 2025
0
Intel CEO Admits Defeat in AI Race, Company No Longer Top 10 in Semiconductors as Layoffs Continue

The new CEO of Intel, Lip-Bu Tan, has delivered a sobering assessment of the company's current position, admitting that the once-dominant chipmaker is no longer among the top...

Read more
Next Post
Sony

Sony Patent will let esports viewers vote out players from games

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?