Foxconn Technology looks at India as its third global electric vehicle hub

Plans to corner 5% of EV sales worldwide by 2025

Foxconn Technology Group is looking at India as its third global base for tapping into the potential electric vehicle (EV) outsourcing market, with plans to capture 5 per cent of the sales worldwide by 2025. The company aims to deliver between 500,000 and 700,000 EVs by that time.
 

The Taiwanese company has already acquired a plant in Ohio, US, for $230 million, capable of producing 500,000–600,000 vehicles annually.

Another EV plant is situated in Thailand, established through a joint venture (JV) with state energy company PTT. The Thai plant has a capacity of 50,000 units a year, with the potential to