Foxconn Plans Major India Expansion, Doubling Workforce and Investment By 2023

Apple supplier Foxconn aims to double its workforce and investment in India by next year.
Foxconn already has an iPhone factory employing 40,000 people in Tamil Nadu.
In August, Foxconn said it will invest $600 million for two projects in Karnataka.
India is expected to assemble up to 50% of Apple's iPhones by 2027.
Foxconn's billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year's election.

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8/2/2023

Foxconn to invest $600M in Karnataka for iPhone components, chip-making tools projects

Main topic: Foxconn's investment in chip-equipment manufacturing and casing components for iPhones in Karnataka, India. Key points: 1. Foxconn will invest $600 million in two projects in Karnataka for chip-equipment manufacturing and casing components for iPhones. 2. The Taiwanese company signed a letter of intent with the Karnataka government. 3. The projects will create 13,000 jobs in the state. 4. Foxconn has partnered with Applied Materials on the semiconductor manufacturing project. 5. This investment follows Foxconn's deal with the state of Tamil Nadu to invest $194 million in a new electronic components manufacturing facility. 6. India has been attracting global manufacturers and suppliers with incentives to become a global semiconductor and hardware manufacturing hub. 7. Other companies, such as Micron and Apple, have also announced investments in India's semiconductor industry. 8. A previous joint venture between Foxconn and Vedanta ended, but Foxconn remains committed to India and will apply for incentives.

9/25/2023

Apple Shifts $7B of iPhone Production From China to India, Aims for $40B in 5 Years As It Cuts China Dependence

Apple has moved $7 billion worth of iPhone production from China to India and plans to increase production in India to $40 billion within the next five years.

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Posted 9/17/2023, 3:08:46 PM