Apple’s largest production partner and the company responsible for most of the world’s iPhones will invest over A$1 billion to ramp up its Indian manufacturing, part of the larger shift away from Chinese reliance.
Foxconn plans to invest around US$700 million on a new 300-acre factory located in Bengaluru, the capital of the southern Indian state of Karnataka.
The Taiwanese company, who is responsible for producing 70 per cent of Apple’s iPhones, will be assembling the devices at this factory, and may also use the factory to produce parts of Apple’s EV business.
Apple phones to be built in the state soon. Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka. Under the visionary leadership of Hon’ble PM @narendramodi Ji, we will do our share to make India a $5 trillion economy by 2025. https://t.co/bdcVuVHkvT
— Basavaraj S Bommai (@BSBommai) March 3, 2023
Foxconn Chairman Young Liu met with India’s Prime Minister Narendra Modi last week.
“My trip this week supported Foxconn’s efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles,” Liu said.
“Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders.”
The new production site in India is expected to create about 100,000 jobs. Bloomberg estimates that, with this factory, India will “potentially boost the country’s share of iPhone assembly to 10-15 per cent from a sub-5 per cent currently.”
