Shulou(Shulou.com)11/24 Report--

On October 24, according to foreign media reports, Foxconn decided to postpone the IPO plan of its Indian subsidiary Bharat FIH.

Bharat FIH, a subsidiary of FIH Mobiles and Foxconn, makes devices for Xiaomi and Nokia. In December 2021, foreign media reported that the company had submitted documents to the Indian Securities and Exchange Commission that it planned to raise about 50 billion Indian rupees (about 4.405 billion yuan) through IPO.

Foxconn, founded in 1974, is a high-tech group (the world's largest contract manufacturer) specializing in the production of 3C products and semiconductor equipment, as well as a professional electronics manufacturer.

Foxconn's business has soared over the past 11 years as the iPhone and smartphone markets have grown. However, as the smartphone market matures, there is little potential for future growth, which is a key reason why Foxconn is now turning to electric car production.

In June, people familiar with the matter said Foxconn was considering producing electric cars in India as part of a plan to diversify its supply chain by expanding its supply chain outside China.

Last week, Foxconn launched two new electric cars, the Model B Crossing car and the Model V electric pickup truck, which means the company now has five models. The company stressed that it had no plans to sell its own-brand cars.

Liu Yangwei, chairman and chief executive of Foxconn (CEO), said last week that he hoped to one day produce electric cars for Tesla.

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