Foxconn to Establish Battery Energy Storage System Unit in India.

Taiwanese electronics giant Foxconn is planning to set up a Battery Energy Storage System (BESS) unit in India, according to Chairman Young Liu. This move is part of Foxconn’s broader expansion into the battery manufacturing sector, which began with its first plant in Taiwan.

Liu revealed that Foxconn’s information and communication technology segment has recently started operations in India. He also indicated ongoing discussions with Indian industry officials about potential collaboration on BESS projects in Tamil Nadu.

Foxconn's "3+3 strategy" focuses on three key industries: electric vehicles, digital health, and robotics. These sectors are identified as having significant growth potential, with a combined market scale of $1.4 trillion and a compound annual growth rate exceeding 20%.

The company's battery energy storage initiatives are primarily aimed at supporting the electric vehicle market. BESS technology allows for the storage of energy from renewable sources like solar and wind.

In addition to the BESS unit, Foxconn has proposed setting up an electric vehicle manufacturing unit in India. Liu mentioned that EV production is expected to commence "very soon."

Foxconn has already invested $10 billion in India and plans to increase this investment in the coming year. Liu made these announcements during the inauguration of a women-only residential complex near Foxconn’s plant.

HBL