Foxconn Chairman Young Liu meets Prime Minister Narendra Modi amid chip, EV ambitions

Hon Hai Technology Group (aka Foxconn) Chairman Young Liu met Prime Minister Narendra Modi to discuss the company's future in India. The visit comes at a time when the Taiwanese electronics contract manufacturing major plans to expand its electronics manufacturing capacity in India, including in semiconductors and electric vehicles (EVs).

The government welcomes Foxconn's plans for the country, Modi said in a Twitter post on June 23.

Foxconn is considering to set up an EV manufacturing unit in India through its subsidiary Foxtron. The Tamil Nadu government is looking to woo the company to further invest in the state and set up the EV manufacturing unit, according to media reports.

The company also manufactures iPhones for Apple exclusively in a facility in Sriperumbudur near Chennai. Apart from this, Foxconn's Indian entity, Bharat FIH, operates a separate facility that makes Xiaomi phones.

Foxconn has recently entered the electric vehicles market. Earlier this year, the company purchased a plant in the US to produce EVs for the North American market. In its annual report in 2021, the company said that they would replicate this localisation model in South-Asia. The report also stated that a tough year didn't stop Foxconn's consolidated revenue from increasing by 12 percent to $203.7 billion.