iPhone supplier Foxconn will build a factory in India, moving away from China: Report

According to Bloomberg, Foxconn, a major manufacturer of iPhone components and one of Apple’s largest suppliers, will invest approximately $700 million to build a new plant in India’s Karnataka state. This move comes as U.S. companies, including Foxconn, are reassessing their reliance on China due to rising tensions between the U.S. and Chinese government. The new plant will be located on a 300-acre site near Bengaluru’s Kempegowda International Airport, creating 100,000 jobs. Bengaluru is known for being a leading engineering and technology hub in India. Foxconn’s investment in India is part of a broader trend among technology suppliers to diversify their manufacturing beyond China, following Covid lockdowns and manufacturing slowdowns that resulted in national dissent and disruptions to production. India and Vietnam have emerged as contenders to replace China’s dominance in the manufacturing and supply space. Previously, Indian government officials stated that Apple aimed to increase its production in India to account for 25% of total output. Foxconn already has a presence in India through a factory near Chennai in eastern India.