With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.
Liu told PTI that Foxconn’s information and communication technology segment has just started in India.
“We are also looking forward to setting up our 3+3 future industry in India. I have been talking to the industries minister here about how we can collaborate on the BESS (battery energy storage system) in Tamil Nadu…”, Liu said.
As part of the “3+3 strategy,” Foxconn has prioritized three key industries (electric vehicles, digital health and robotics), each of which has significant growth potential with a current scale of USD 1.4 trillion and a compound annual growth rate of more than 20 percent.
Foxconn’s battery storage business is more focused on electric vehicles.
Battery energy storage systems (BESS) enable the storage of energy from renewable sources such as solar and wind.
Foxconn has installed its first BESS unit in Taiwan for electric buses. The unit is expected to start mass production this year.
The company is also considering setting up a BESS factory in Indonesia.
The proposed BESS factory in India will complement Foxconn’s electric vehicle manufacturing business, which is currently under construction.
Asked about the status of EV production, Liu said it will start “very soon.”
Foxconn has invested more than $1.4 billion in India and its business has grown to $10 billion.
The company currently employs more than 48,000 people in India.
“As of last year, we have done business worth more than 10 billion dollars. We will do much more next year,” Liu said.
During his visit, Liu said he had met several senior ministers and felt India was growing.
“After visiting so many states in India, I felt that the country is on the rise. Foxconn wants to be a part of that. We will grow along with India’s growth,” Liu said.
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