Foxconn, the Taiwanese electronics powerhouse, is strategically advancing its global footprint by setting its sights on India for a significant new venture. Chairman Young Liu recently revealed the company’s plans to establish a Battery Energy Storage System (BESS) unit in the country, aligning with its growing focus on the electric vehicle (EV) sector.
This initiative marks a critical step in Foxconn’s broader ambition to become a major player in industries poised for explosive growth. The company’s “3+3 strategy” highlights its commitment to three key sectors: electric vehicles, digital health, and robotics—each expected to see substantial market expansion in the coming years.
“We’re eager to bring our 3+3 strategy to India,” Liu stated, emphasizing ongoing discussions with Indian industry leaders, particularly about potential collaborations in Tamil Nadu. Foxconn’s investment in BESS technology is primarily driven by the needs of the EV industry, focusing on harnessing and storing energy from renewable sources like solar and wind.
In addition to its BESS plans, Foxconn has ambitious goals for its EV production in India, which Liu hinted would commence “very soon.” This comes as part of the company’s broader expansion in the country, which has already seen its Indian operations grow to a valuation exceeding $10 billion as of 2024.
Liu’s current visit to India has been marked by engagements with various state leaders, reinforcing his belief in India’s promising future. Speaking at the inauguration of a women-only residential complex near Foxconn’s manufacturing facility, Liu expressed his optimism about India’s trajectory. “India is on the rise, and Foxconn is committed to growing alongside it,” he remarked. “Our success will be intertwined with India’s continued ascent.”
As Foxconn continues to diversify beyond its traditional electronics manufacturing, its growing presence in India could play a pivotal role in shaping the country’s industrial future, particularly in the burgeoning EV and renewable energy sectors.