iPhone Supplier Foxconn to Invest $250 Million for EV Components Unit in Vietnam

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Foxconn is ready to take a position about $250 million (almost Rs. 20,500 crore) in two new tasks in Vietnam, together with for the manufacturing of parts for electrical automobiles (EVs), the world’s largest contract electronics assembler and native authorities mentioned on Friday.

The transfer confirms Foxconn’s international plans to change into a participant within the EV business, after having targeted for years on assembling digital merchandise for Apple and different main manufacturers.

The Taiwanese big, by means of its unit Foxconn Singapore, is ready to take a position roughly $250 million in an industrial park in northern Vietnam, “specializing in the manufacturing of electrical automobile parts, controllers and different merchandise to satisfy future growth wants,” it mentioned in an announcement to Reuters.

The brand new tasks would take its whole funding within the southeast Asian manufacturing hub to about $3 billion (almost Rs. 24,600 crore) in almost twenty years because it constructed its first plant there, confirming its wider plans to develop outdoors of China amid steady tensions between Beijing and Washington.

Native authorities confirmed that they had licensed Foxconn’s new funding. The most important chunk of the brand new funding, about $200 million, will go right into a manufacturing facility to supply EV chargers and parts, which is scheduled to start out manufacturing from January 2025 with a workforce of 1,200 individuals, authorities mentioned.

The remaining $46 million (almost Rs. 375 crore) is for a plant to supply electronics and telecommunication parts, with manufacturing set to start in October 2024.

Each services might be within the province’s Tune Khoai Industrial Park, 138 km (86 miles) east of Hanoi.

“With roots that return greater than 15 years, Foxconn’s base in Vietnam is among the key places in our international footprint,” the corporate mentioned in an announcement to Reuters.

Foxconn additionally plans to arrange a brand new manufacturing facility in Vietnam’s central province of Nghe An with an preliminary funding of $100 million (almost Rs. 820 crore), the provincial native authority mentioned final month.

© Thomson Reuters 2023

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