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Foxconn CEO Young Liu keen on setting up battery storage unit in India
- IBJ Bureau
- Aug 19, 2024
Taiwanese electronics manufacturing company Foxconn is working on plans to set up a battery energy storage system (BESS) unit in India, its Chairman Young Liu has said.
With an eye on the electric vehicle (EV) segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.
Mr Liu has told the PTI that Foxconn’s information and communication technology segment has just started in India.
“We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how we can collaborate on BESS in Tamil Nadu,” Mr Liu has added.
As a part of the ‘3+3 strategy’, Foxconn has prioritised the three key industries – EVs, digital health and robotics – and each has significant growth potential with current scale at $1.4 trillion and over 20 per cent compound annual growth rate.
Foxconn’s battery storage business is more focused on EVs.
Foxconn has set up its first BESS unit in Taiwan for e-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 EV manufacturing business, which is currently under construction.
When asked about the status of EV production, Mr Liu has said that it will start “very soon”.
Foxconn has invested over $1.4 billion in India, and its business has grown to $10 billion.
At present, the company employs over 48,000 people in India.
“So far, till last year, we have done more than $10 billion in business size. We will do much more in this coming year,” Mr Liu said.
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