iPhone manufacturer Foxconn to invest $700M in new India plant
The new factory will reportedly manufacture products including iPhone parts and parts for Foxconn's electric vehicle business.
Apple partner and iPhone manufacturer Foxconn Technology Group recently announced plans to invest $700 million in the creation of a new plant located in India. The investment is said to be one of Foxconn’s biggest single outlays to date, and is located on a sprawling 300-acre site near the Bengaluru Kempegowda International Airport as shared by anonymous sources speaking to Bloomberg.
The factory won't be Foxconn's first in India, as it currently has a presence in the country elsewhere with its Sriperumbudur factory situated on the outskirts of Chennai. With that being said, it will help Foxconn ramp up production for companies like Apple in addition to its own products. As for what the factory will manufacture, this is reported to include iPhone parts, parts for Foxconn's electric vehicles, and possibly the assembly of Apple handsets as well.
The move to establish another factory in India comes on the heels of companies looking to move away from reliance on manufacturing in China. In the past, Foxconn itself has experienced an assortment of issues with its plant in Zhengzhou, China including a myriad of delays, Covid-related disruptions, and protests.
Bloomberg reports that Foxconn’s decision could suggest that suppliers may be moving out of China faster than previously expected. For more on this, be sure to read through the full report from Bloomberg. Also catch up with our previous reporting, including Foxconn factory protests in China delaying the production of nearly 6 million iPhone Pro units.
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