Foxconn Technology Group, Apple's biggest contractor, plans to invest $700 million in a new plant in India to diversify its supply chain out of China, according to Bloomberg.
The Taiwanese manufacturing giant's new plant will be situated on a 300-acre site near Bengaluru, the capital of the southern Indian state of Karnataka. Sources said Foxconn would assemble iPhones and might even produce parts for its electric vehicle business, entirely separate from Apple.
"The investment is one of Foxconn's biggest single outlays to date in India and underscores how China's at risk of losing its status as the world's largest producer of consumer electronics," Bloomberg said.
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