Business
Foxconn to establish battery energy storage system unit in India
Foxconn, the Taiwanese electronics manufacturing giant, is developing plans to establish a battery energy storage system (BESS) unit in India, according to its chairman Young Liu. The company has already set up its first battery manufacturing plant in Taiwan, with a focus on the electric vehicle segment.
Liu, while talking to news agency PTI, mentioned that Foxconn’s information and communication technology segment has recently commenced operations in India.He added, “We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu…”
Foxconn’s “3+3 strategy” prioritizes three key industries: electric vehicles, digital health, and robotics. Each of these industries has significant growth potential, with a current scale of USD 1.4 trillion and a compound annual growth rate exceeding 20 per cent. The company’s battery storage business is primarily focused on electric vehicles.
The proposed BESS factory in India will support Foxconn’s electric vehicle manufacturing business in the country, which is currently under development. When asked about the status of EV production, Liu said that it will begin “very soon.”
To date, Foxconn has invested over USD 1.4 billion in India, and its business has grown to USD 10 billion. The company currently employs more than 48,000 people in India.
During his recent visit to India, Liu met with various chief ministers and expressed his belief that India is on the rise. He said, “After visiting so many states in India, I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India’s growth.”
Liu, while talking to news agency PTI, mentioned that Foxconn’s information and communication technology segment has recently commenced operations in India.He added, “We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu…”
Foxconn’s “3+3 strategy” prioritizes three key industries: electric vehicles, digital health, and robotics. Each of these industries has significant growth potential, with a current scale of USD 1.4 trillion and a compound annual growth rate exceeding 20 per cent. The company’s battery storage business is primarily focused on electric vehicles.
The proposed BESS factory in India will support Foxconn’s electric vehicle manufacturing business in the country, which is currently under development. When asked about the status of EV production, Liu said that it will begin “very soon.”
To date, Foxconn has invested over USD 1.4 billion in India, and its business has grown to USD 10 billion. The company currently employs more than 48,000 people in India.
During his recent visit to India, Liu met with various chief ministers and expressed his belief that India is on the rise. He said, “After visiting so many states in India, I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India’s growth.”