Amazon Quiz: Young Liu who recently met Prime Minister Narendra Modi, is the Chairman of which electronics...?
Amazon Quiz: Young Liu who recently met Prime Minister Narendra Modi, is the Chairman of which electronics manufacturer?
Indian Prime Minister Narendra Modi met Young Liu, the chairman of Foxconn, and said later in a tweet, "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.".
The company already has business in India, manufacturing Apple products in a factory near Chennai, but is also looking to branch out into electronic vehicles (EV) manufacturing.
With the rising cost of fuel and a greater cognizance of the impact of fossil fuels on the environment, there has been an increased push toward EVs. These vehicles run on electricity and need to be recharged.
The possibility of Foxconn setting up EV manufacturing plans in India becomes significant considering the ongoing talks between New Delhi and Elon Musk, the Tesla CEO, who also wants to set up a manufacturing plant in the country.
Liu also met the chairperson of the Vedanta group to discuss the manufacturing of semiconductors. The two companies have signed an MOU and said in a statement at the time, "This is the first joint venture in the electronics manufacturing space after the announcement of GOI’s PLI Scheme for semiconductors and display manufacturing", adding, "Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years."