Foxconn, a player in electronics manufacturing, is expanding into battery energy storage systems in India, a move that supports its electric vehicle goals and its “3+3 strategy,” which targets rapidly growing sectors.
Taiwanese electronics giant Foxconn, led by Chairman Young Liu, is making strides to set up a Battery Energy Storage System (BESS) facility in India. This initiative is part of Foxconn’s strategic drive into the electric vehicle (EV) market and aligns with its “3+3 strategy” that targets high-growth industries.
Liu mentioned ongoing discussions with Tamil Nadu’s Minister for Industries about potential collaboration on the BESS project in the region. This move is part of Foxconn’s broader efforts to embed its information and communication technology sector in India.
The proposed BESS unit aims to support Foxconn’s forthcoming EV manufacturing ventures in India, which Liu indicated would begin “very soon.” BESS technology is essential for the storage of energy generated from renewable sources, such as solar and wind, playing a pivotal role in the sustainable energy framework.
Foxconn has already launched its first BESS unit in Taiwan, which is geared towards powering e-Buses, and plans to start mass production within the year. Additionally, the company is negotiating the establishment of a BESS manufacturing plant in Indonesia, emphasizing its global aspirations in this domain.
Foxconn’s investment in India is part of a larger investment strategy. To date, the company has poured over $1.4 billion into India, where its operations have expanded to a $10 billion venture. Employing over 48,000 people in the country, Foxconn projects further expansion in the near future.
Expressing his optimism about India’s economic prospects, Liu noted that after visiting several states in India, he is convinced that the country is on an upward trajectory. He emphasized that Foxconn is eager to grow alongside India’s development.
This development highlights Foxconn’s dedication to diversifying its business beyond just electronics manufacturing. With a focus on electric vehicles, digital health, and robotics through its “3+3 strategy,” the company is positioning itself in markets with a potential combined value of $1.4 trillion.
As Foxconn broadens its presence in India, the upcoming BESS unit marks a critical step towards bolstering the country’s renewable energy infrastructure and enhancing the burgeoning electric vehicle sector.
