Foxconn plans battery energy storage unit for India, will focus on electric vehicles

With an eye on the electric vehicle segment, Foxconn is expanding its battery business, with the first factory already up and running in Taiwan. Liu told PTI that Foxconn’s information and communication technology segment has just started operations in India.

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“We are also looking forward to introducing our 3 3 future industry in India. I have discussed with the industries minister here how we can cooperate on BESS (battery energy storage system) in Tamil Nadu…,” Liu said.

Under the “3 3 Strategy,” Foxconn has prioritized three key industries: electric vehicles, digital healthcare, and robotics. Each has significant growth potential, with a current business scale of $1.4 trillion and a compound annual growth rate of over 20 percent.

Foxconn’s battery storage business is more focused on electric vehicles. Battery energy storage systems (BESS) enable the storage of energy from renewable sources such as solar and wind.

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Foxconn has set up its first BESS unit in Taiwan for e-Buses. The unit is expected to begin mass production this year. The company is also in talks to set up a BESS factory in Indonesia.

The proposed BESS plant in India will complement Foxconn’s electric vehicle manufacturing operations in India, which are underway. Asked about the status of EV production, Liu said it would start “very soon.”

Foxconn has invested over $1.4 billion in India to date, and its operations have grown to $10 billion. The company currently employs over 48,000 people in India.

“So far, up to last year, we have done more than $10 billion in business volume. We will do much more in the coming year,” Liu said.

Liu said he has met with various prime ministers during his current visit and feels that India is growing. “After visiting so many states in India, I feel that India is growing. Foxconn wants to be a part of it. We will grow with India’s development,” Liu said.

Date first published: Aug 19, 2024, 5:22 PM IST