Elon Musk says Tesla to come to India
Tesla CEO Elon Musk has expressed his intention to bring Tesla to India “as soon as humanly possible” following a meeting with Indian Prime Minister Narendra Modi during his state visit to the US. The Indian government has invited Musk to explore investment opportunities in electric mobility and the commercial space sector.
Tesla has been in talks with Indian officials and had previously proposed setting up a factory and manufacturing EV batteries in the country. However, the company’s plans were delayed due to disagreements over local manufacturing requirements. Musk also expressed interest in bringing his company SpaceX’s Starlink satellite internet service to India.
The entry of Tesla into the Indian market and the potential establishment of manufacturing facilities will have implications for the supply chain, including job creation, investment opportunities, and increased availability of electric vehicles in the country. Musk’s positive remarks about India’s potential and his intention to make significant investments indicate a growing focus on the Indian market by Tesla.
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iPhone maker Foxconn to expand into the EV market
Foxconn, the manufacturer of iPhones, is shifting its supply chains and focusing on electric vehicles (EVs) as it adapts to strained US-China relations. Chairman Young Liu stated that EVs will drive the company’s growth in the coming decades, even as it moves some production away from China. With tensions between the two superpowers escalating, Foxconn is preparing for potential scenarios such as a blockade or invasion of Taiwan, where the company is headquartered.
As part of its business continuity planning, some production lines linked to “national security products” are being relocated to Mexico and Vietnam. Foxconn aims to capture around 5% of the global EV market, and it plans to establish car factories in the US, Thailand, Indonesia, and potentially India.
By diversifying its production and supply lines, Foxconn aims to secure its future amid geopolitical uncertainties. The company’s success in the EV sector and its ability to navigate changing supply chains will impact the broader automotive industry and the global supply chain network.
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Stellantis with Foxconn join for semiconductor venture
Stellantis, the global automaker, has partnered with Foxconn to establish a joint venture called SiliconAuto to ensure a stable supply of advanced semiconductors for the next generation of electric vehicles (EVs). This collaboration comes in response to the recent semiconductor supply chain disruptions that impacted the auto industry. Stellantis aims to leverage Foxconn’s manufacturing expertise and its own scale in vehicle production to support the growing fleet of software-based EVs that rely on advanced chips for control modules and computer-controlled functions.
The partnership will provide Stellantis with a robust supply of essential components, enabling the rapid transformation of their products towards software-defined vehicles. Stellantis plans to launch four new global vehicle architectures starting in 2024, emphasizing software updates and over-the-air capabilities akin to smartphones. The joint venture also extends to the development of the STLA SmartCockpit, integrating touch, voice, glance, and gesture controls, as well as AI-based applications and augmented reality technology. With a focus on electrification and vehicle software, Stellantis expects significant revenue from software-based offerings and vehicle subscription options.
The SiliconAuto joint venture will be headquartered in the Netherlands and managed by executives from both Foxconn and Stellantis. This partnership aims to secure the necessary semiconductor supply for Stellantis and further propel the transformation of the automotive industry towards software-driven mobility.
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