EV manufacturer Foxtron – a JV between Taiwan’s Foxconn Group and Yulon Group – is considering setting up an EV production plant in India
Back in 2020, Taiwanese electronics giant Foxconn had announced a partnership with Yulon Group, for venturing into the EV market. The two companies established ‘Foxtron’ under a JV, and last year, it unveiled three concept electric vehicles. Now, as per latest reports, the automaker is looking at manufacturing its EVs in India.
Foxtron is looking to expand its presence across Asia, and it is also considering locations in South East Asia for its EV manufacturing facilities, including Vietnam and Indonesia. Parent company Foxconn already has a presence in India through Bharat FIH, with manufacturing facilities for smartphones for different popular brands like Apple, Xiaomi, etc.
The Taiwanese EV manufacturer is also eyeing the Indian electric vehicle market. As per FADA’s data, passenger electric car sales have grown by over 250 per cent in FY2021-22 on a Year-on-Year basis, with 17,804 units sold. The numbers are only expected to grow further, which makes this market space extremely enticing.
As per sources aware of these developments, the Tamil Nadu government is also working to attract Foxconn Group to invest further in the state. It is possible that apart from manufacturing its own electric vehicles, the conglomerate could contract-manufacture EV for other brands. Last year, the company bought a plant in the US for the same – to manufacture its own EVs and contract-manufacture for brands like Fisker.
Interestingly, even as the EV market is set to grow in India, Tesla has put its plans to enter our market on hold. The American EV manufacturer had been lobbying for lower taxes on imported electric vehicles. The government of India refused to budge though, urging instead for the automaker to set up local production facilities to beat taxes.
Domestic automobile brands like Tata, Mahindra & Mahindra, TVS, Bajaj, are also planning to expand their EV lineups in the Indian market. Apart from that, international brands like Hyundai, Kia, MG, Yamaha, Suzuki, etc., are also planning to launch new electric vehicles in our country in the near future.