Hon Hai plans to invest $600 million in India to build factories for manufacturing iPhone components

Hon Hai plans to invest $600 million in India for iPhone component factories

【Phoneauto News】Earlier, there were reports that Apple’s major supplier, Foxconn (also known as Hon Hai), plans to invest nearly $600 million to establish two component factories in India to maintain supply chain diversification. At least one of them is expected to produce components for iPhones and other Apple products, and is expected to be officially announced as early as this week. On August 3rd, Phoneauto learned from the government of Karnataka, India, that Hon Hai has signed an intent letter to invest $350 million to establish a factory for producing iPhone mechanical casings. The company also plans to invest $250 million to cooperate with Applied Materials in building a semiconductor equipment manufacturing plant. These two projects are expected to create about 13,000 job opportunities.

Hon Hai Group

In addition, in June, the government of Karnataka province in southern India announced that Hon Hai plans to invest 130 billion rupees (approximately RMB 11.3 billion) by April 2024 to produce iPhones in Devanahalli, a suburb of Bengaluru, with a planned annual capacity of 20 million units.

Sources said that as of March 2023, Apple has assembled iPhones in India worth more than $7 billion, of which iPhones worth over $5 billion were exported, nearly four times that of the previous year. Apple may attempt to simultaneously produce the next generation of iPhones in India and mainland China, possibly in the autumn of this year. This will be the first time that Apple iPhones are assembled simultaneously in both China and India. If suppliers continue to expand actively, by 2025, one-quarter of iPhones may be assembled in India for Apple. Hon Hai, as the largest iPhone assembly plant in India, will benefit the most from this.

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It is worth noting that Hon Hai’s rival, Luxshare, recently stated at a shareholders’ meeting that its overseas production capacity layout is mainly focused on Vietnam, and it is still actively exploring the Indian market, but with cautious investment.

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