Key Apple Supplier Foxconn's Chief Meets India's PM Modi: EV Manufacturing Finds Mention

Author: Navdeep Yadav | June 24, 2022 06:59am

Hon Hai Precision Ltd. (OTC:HNHPF) Chairman Young Liu met the Indian Prime Minister Narendra Modi on Thursday as Apple Inc's (NASDAQ:AAPL) oldest and largest supplier continues its search for a potential market to expand its businesses amid Xi Jingping's zero-tolerance COVID policy.

This follows the Taiwan-based electronics contract manufacturer, better known by the moniker recently expressing its plans to expand the manufacturing footprint in the electric vehicles (EVs) segment to compete against Tesla Inc (NASDAQ:TSLA) and other EV makers.

"I welcome their (Foxconn's) plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment to Net Zero Emission," PM Modi tweeted on Thursday.

Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment of Net Zero Emission. pic.twitter.com/sC1AoGWn9c
— Narendra Modi (@narendramodi) June 23, 2022

Liu also met the Indian Minister for Electronics & Information Technology Ashwini Vaishnaw and Minister of State Rajeev Chandrasekhar.

Vaishnaw said Liu "expressed keen interest in electronics manufacturing, semiconductors and EV in India."

He also met Vedanta Group's Global Managing Director of Display & Semiconductor Business, Akarsh Hebbar — months after the companies signed an MoU — to discuss the next steps for their proposed partnership for manufacturing chips in India.

Price Action: According to data from Benzinga Pro, OTC shares of Hon Hai Precision Industry Co., Ltd., widely known as Foxconn Technology Co Ltd, closed 1.10% lower at $7.22 on Thursday.

Posted In: AAPL HNHPF TSLA