Foxconn has reportedly secured 200 acres of land in Tamil Nadu for a battery manufacturing plant, aligning with the company's strategic focus on AI and EV as growth engines.
The Tamil Nadu government has allocated approximately 200 acres to Foxconn, India's largest contract manufacturer, for its proposed battery energy storage system (BESS) unit. If realized, this facility would become Foxconn's second BESS unit globally.
According to sources familiar with the matter cited by the Economic Times, the Tamil Nadu government has included an incentive package with the land offer. While Foxconn has not finalized the deal, negotiations are in their final stages, and the project is likely to proceed at the designated location, as indicated by Chairman Young Liu during his India visit.
On November 19, the company announced an investment of NT$15.9 billion (US$490 million) in a flagship headquarters in Kaohsiung. The headquarters is intended to connect with Foxconn's existing Kaohsiung facilities, including its software R&D center, electric bus factory, battery plant, and the Kaohsiung Software Park.
This expansion follows Foxconn's initiation of construction on its battery cell plant in Kaohsiung, where the company aims to establish a comprehensive battery supply chain ecosystem. Liu has indicated this will serve as a crucial base for the company's global EV expansion.
After identifying growth opportunities in AI and EV in June, Foxconn achieved a milestone with its subsidiary Foxtron Vehicle Technologies going public in November 2023. Looking ahead to 2024, the company plans to begin Model C EV deliveries and prepare for Model B mass production by the fourth quarter of 2024. The company's roadmap includes expanding its electric vehicle portfolio into overseas markets by 2025.
In terms of EV components, Foxconn's battery center, which began mass production in June, is projected to reach an annual capacity of 1.2 million kilowatt-hours by the third quarter of 2025, with an additional battery plant scheduled to commence mass production in 2025. The company has also entered the powertrain chassis system market by acquiring a 50% stake in ZF Chassis Modules GmbH, marking its first venture into this segment.
