Apple supplier Foxconn will invest $1.5 billion in its India unit, the company said in a filing, as the iPhone maker shifts more manufacturing out of tariff-hit China.

Young Liu, the chief executive officer and chairman of Foxconn, has predicted that artificial intelligence (AI) will destroy low-end manufacturing jobs. The Taiwanese technology giant currently assembles around 70 per cent of iPhones and is the world's largest contract manufacturer.

New Delhi, May 21 (IANS): Taiwanese tech giant Foxconn is investing another $1.5 billion to expand its operations in India, as the key supplier for Apple's iPhones is looking to set up supply chains outside China.

In a keynote presentation, the Chairman of Foxconn claimed that developments in generative AI and robotics will end low-end manufacturing jobs.

One of the MoUs covers satellite constellation production, merging Foxconn’s manufacturing with Thales Alenia Space.

Foxconn has made a $1.5 billion investment into its India arm, a move that will almost certainly fund its expansion of iPhone production in the country.

The Taiwanese company cut annual guidance as it braces for potential headwinds from newly imposed U.S. tariffs.

Foxconn’s Indian plants have taken centre stage in assembling iPhones, and the ecosystem is expanding rapidly with contributions from other major players.