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Significance of Foxconn Chairman Young Liu’s Meeting with Prime Minister Modi

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Hon Hai Precision Industry Co.,Ltd., better known as Foxconn, is a Taiwanese electronics contract manufacturing giant. Although headquartered in Taiwan, it is China’s largest private employer and is among the High ten employers worldwide.

Foxconn founder Terry Gou resigned as chairman of Foxconn in June 2019 ahead of his attempt to win the Kuomintang Party (KMT) primary elections, which he ultimately lost. The KNT, currently the main opposition party in China, is seen by many as pro-China, although its chairman has refuse as recently as the beginning of this month.

When Terry Gou resigned, Young Liu, then general manager of Foxconn’s semiconductor unit, became President. He is widely regarded as Foxconn’s semiconductor expert and is among the key decision makers regarding Foxconn’s development. plans for semiconductor factories.

Liu is also keen to expand Foxconn into the electric vehicle market. Foxconn has set an ambitious goal of capturing at least 5% of the global EV market by 2025 and generating $30 billion in EV sales. It will face stiff competition from established players like Tesla, Volkswagen and General Motors.

In October 2021, Foxconn unveiled three new electric vehicle models during Hon Hai Tech Day 2021 (HHTD21) at Taipei World Trade Center Nangang Exhibition Hall.

As part of its ambitious drive to make Foxconn a key player in the electric vehicle market, Liu has partnered with Yulon, Taiwan’s top automaker.

Last week, Foxconn opened its first battery cell factory as it prepares to strengthen its presence in the global electric vehicle (EV) supply chain. Foxconn will invest more than $200 million to build a battery cell center in the southern port city of Kaohsiung in Taiwan.

The battery cell center that would house research and development as well as production would be in the city’s Ho Fa Industrial Park and is expected to start mass production in the first quarter of 2024, Hon Hai said. The company will test production of lithium iron phosphate batteries – the same type of battery that Chinese battery giant Contemporary Amperex Technology Ltd makes.

Foxcon has also bought a factory from the American startup Lordstown Motors Corp in order to manufacture electric cars. In August 2021, Foxconn purchased a chip factory in Taiwan to meet future automotive chip demands.

India Packages

To diversify its supply chain beyond China, Foxconn reported plans to manufacture electric vehicles in India. Prime Minister.

The company is likely to set up an electric vehicle manufacturing unit in India through its subsidiary Foxtron.

Modi mentioning India’s EV push in the tweet to welcome Young Liu is of great significance in this context.

In electronics manufacturing, Foxconn is a beneficiary of the PLI scheme, which has given a significant increase to mobile manufacturing in India.

On the semiconductor fab front, Vedanta chairman Anil Agarwal said a month ago that he was finalizing a location for his proposed fab with Foxconn as a technical partner by mid-June. In addition to the semiconductor fab, Vedanta has also offered to set up a display fab in India with Innolux – a subsidiary of Foxconn – as the technology partner.

Liu’s visit could be related to finalizing the site for these two fabs. These proposals must also be approved by the India Semiconductor Mission and could be eligible to receive up to 50% incentives.

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