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Foxconn Plans to Establish Battery Energy Storage Business in India

According to reports from the Press Trust of India and other sources, Foxconn is indeed planning to establish a battery energy storage business in India. Foxconn Chairman Liu Young-way has stated that the company is in discussions with relevant Indian authorities to explore potential collaborations in regions such as the southern state of Tamil Nadu. The global battery energy storage industry is currently experiencing rapid growth, with the market size continually expanding.

Data indicates that global battery energy storage shipments saw significant growth in 2023, with Chinese companies dominating the market. As a globally renowned electronics manufacturing service provider, Foxconn has been increasing its investments in the battery and energy storage sectors in recent years, aiming to expand new business growth areas.

India, as a populous nation with a rapidly growing economy, has an increasing demand for energy, presenting vast potential in the energy storage market. In recent years, the Indian government has introduced a series of policies encouraging the development of new energy and energy storage industries, providing a favorable policy environment for companies like Foxconn to invest in India. According to public reports, Foxconn has invested over $10 billion in India to date (approximately 71.673 billion RMB), demonstrating Foxconn's long-term commitment and significant investment plans in the Indian market. These investments span multiple sectors, including but not limited to electronics manufacturing and semiconductors.

Foxconn is not only increasing its investments in India but is also diversifying its global operations, including building battery factories and energy storage systems in places such as Indonesia and China Taiwan.

Source：SINO

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