iPhone maker Foxconn eyes electric vehicle unit in India

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iPhone maker Foxconn eyes electric vehicle unit in India

Photo: iStock

Foxcon wants to manufacture electric vehicles in India in a bid to diversify supply chains beyond China.
Taiwanese electronics maker Foxtron’s EV division may consider setting up an electric vehicle manufacturing hub in India along with other destinations such as South Asia, such as Vietnam and Indonesia, according to Economic Times.
The report citing unnamed sources says the Foxconn Group has shown interest in manufacturing “other ranges”, for its customers and for itself, other than phones. Bharat FIH’s subsidiary currently has two units in Tamil Nadu which currently manufacture phones for Apple and Chinese brands such as Xiaomi among others.

Tamil Nadu wants the company to invest more in the state and the group has shown interest in setting up an electric vehicle manufacturing line, the report adds.

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Last year, the company acquired a manufacturing plant in North America to develop electric vehicles where it will manufacture products for the Fisker hybrid electric vehicle brand.

Earlier this month, Bharat FI received clearance from financial market regulator Securities and Exchange Board of India (Sebi) to raise around Rs 5,000 crore through an initial public offering (IPO).

The public listing of the company will consist of a new issue of shares up to Rs 2,502 crore and an offer for sale of shares up to Rs 2,502 crore by Foxconn promoter group subsidiary, Wonderful Stars.

“While we have always been able to fund our capital expenditures through capital contributions from promoter selling shareholder, Wonderful Stars, this may not be the case once we become a publicly traded company. We will need to fund our future growth from internal accruals and through external debt financing and equity fundraising,” the company said in its draft red herring prospectus (DRHP ).

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