Apple supplier Foxconn is reportedly in motion to increase investment to over US$1.2 billion in India, by pumping US$500 million into two new factories, a move to further divest away from China, reported Bloomberg.
Sources speaking to the publication said one of the factories will at least produce components for its iPhones. A formal announcement of the news is expected in weeks.
The Taiwanese components manufacturer was reported to have gained approval from authorities in Vietnam to construct a factory to construct a factory for EV batteries and telecoms equipment, another step to divest away from its reliance on manufacturing in China.
India, of course, is another country Foxconn is looking to build more infrastructure. Reuters reported, Foxconn expanded iPhone 13 manufacturing in the country.
Foxconn has expanded its footprint in India, Mexico and Vietnam as geopolitical tensions between the US and China continue.
