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<ul><li><keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> has reportedly closed a deal to acquire a majority stake in Pegatron’s iPhone plant in India.</li><li>The Pegatron plant has a production capacity of five million iPhones annually.</li><li>This will be the company’s third iPhone manufacturing plant in India.</li></ul> Tata Electronics continues to strengthen its smartphone manufacturing business in India as it has reportedly sealed a deal to acquire a majority stake in Taiwanese contract manufacturer Pegatron iPhone plant in India. Earlier reports had revealed that Pegatron is in talks with Tata to sell its Chennai plant as part of Cupertino tech giant Apple’s strategy to diversify manufacturing outside of China amid geopolitical tensions between Beijing and Washington. <div type="Article" hostid="261" msid="113204340" title="iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900" mstype="2" mssubtype="0"></div> According to a<a href="https://www.reuters.com/markets/deals/tata-seals-deal-with-pegatron-iphone-plant-indias-tamil-nadu-sources-say-2024-11-17/"> report</a> by Reuters, Tata has agreed to acquire a 60% stake in a new joint venture with Pegatron that will see the Indian conglomerate oversee the day-to-day operations while Pegatron offers technical support, as per two sources familiar with the deal. The financial details of the deal have not been made public and the two companies reportedly plan on filing for approval from the Competition Commission of India (CCI) soon. <h2>Tata’s iPhone production in India to get a boost</h2>Tata already operates an iPhone assembly plant in Karnataka, which it acquired from Taiwanese giant Wistron last year. The company is building a second plant in Hosur, Tamil Nadu. The new plant as part of its partnership will give a boost to Tata’s iPhone production capabilities and make it the only company manufacturing iPhones in India apart from Foxconn. <div type="Article" hostid="261" msid="113203568" title="iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900" mstype="2" mssubtype="0"></div> The Pegatron facility has around 10,000 employees and has the capacity to manufacture five million iPhones annually. India, which contributed to around 12 to 14% of total iPhone shipments in 2023 is expected to contribute around 20 to 25% of shipments this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Tata to buy a majority stake in Pegatron's iPhone plant in India

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

<ul><li>Skoda recently launched the Kylaq SUV, the company’s latest entry-level subcompact SUV.</li><li>The company has announced its plans to launch an electric vehicle in India in 2025.</li><li>The Skoda Enyaq EV’s updated version will debut in India next year.</li></ul>Skoda Auto will roll out its electric vehicle in the Indian market in 2025. In an exclusive interaction with ANI Skoda Auto Brand Director Petr Janeba says Skoda's European bestseller, the Enyaq EV, was initially slated for an Indian debut this year but postponed to next year for an updated version. Janeba says a significant facelift planned for the model in March has led the company to hold off until the new version, featuring Skoda's latest design language, is ready. He said, "We have one of the best-selling EVs in Europe our European Enyaq. The car was tested, and the car was prepared for India. We have actually stopped bringing the car this year. Because there will be a huge facelift of the Skoda Enyaq coming in March following the new design language." He added, "We actually can choose one of the three EV cars coming to India or all three." Skoda is closely monitoring India's changing EV policies, especially the CAFE3 (Corporate Average Fuel Economy) norms set to be introduced in April 2027. On further investment in India Janeba highlighted the importance of a consistent regulatory environment, as state-level EV and hybrid tax policies currently vary widely, impacting long-term planning. "And within this plan, we understand nobody can survive in India without having a deeper localised CKD EV in India. We are ready for this. We are ready in Pune to make another investment for the car and for the production to get it. At the end of the day, we still take our time in order to decide the right measure car for the market, seeing the new competitors coming on the EVs." Said Janeba Skoda already has two manufacturing units in India, in Chhatrapati Sambhaji Nagar and Pune. EVs are planned to be manufactured in their Pune plant For the production, he stated, "In the same factory in Pune, Chakan we will be producing EVs. Currently we have increased because of the Kylaq the production capacity in Pune to 250,000 units a year and we will be increasing further once it is needed either for the current cars because of the export or because of the Indian demand or for the new cars like EVs." The facility is also set to support EV production with deep localisation efforts to make Skoda's electric lineup more affordable for Indian consumers. Piyush Arora, India CEO, Skoda Auto echoed this sentiment, expressing confidence that Skoda's expanded product offerings will capture the growing sub-four-meter SUV segment, a category that represents nearly 30 per cent of India's automotive market. "With the new Kodiaq and other upcoming models, we are aiming for a 5 per cent market share in the medium term," he added. Skoda's commitment to India extends beyond manufacturing. Arora highlighted the company's investment in local engineering talent and its dealer and supplier networks. "Our technical centre in India plays a crucial role in developing products like the Kodiaq, which was fully designed in India," he noted, calling it a testament to India's engineering prowess and the company's long-term vision for the region. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms">Swiggy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Skoda plans to launch an updated electric vehicle in India in 2025

Internet major Google will partner with <keyword id="19926050" type="General" weightage="20" keywordseo="Foxconn" source="keywords" meta.keywordsubtype="org" meta.entityname="Foxconn" meta.hostid="364" meta.entityid="Foxconn">Foxconn</keyword> to produce its ultra-premium Pixel smartphones for the first time in <keyword id="19896558" type="General" weightage="20" keywordseo="Tamil-Nadu" source="keywords">Tamil Nadu</keyword>, Chief Minister M K Stalin said on Thursday. According to sources, Google's partnership with Foxconn is in addition to its plan to make Pixel smartphones at <keyword id="21788190" type="General" weightage="20" keywordseo="Dixon-facility" source="keywords">Dixon facility</keyword>. "As a result of the negotiations, Google will partner with Foxconn in Tamil Nadu to produce the Pixel cell phones and has offered to set up a factory," Stalin said in a statement. According to the sources, Google will also export smartphones from India. "Dixon will also make Pixel smartphones under an arrangement with Compal Electronics which makes Google's devices," a source said on condition of anonymity. The <keyword id="19963696" type="General" weightage="20" keywordseo="production" source="keywords">production</keyword> will start from September and the export will begin once the production stabilises, another source said. Emails seeking comments from Google and Foxconn in this regard did not elicit any immediate response. The company had announced plans to make Pixel smartphones in India in October. Counterpoint Research estimated Google Pixel's share in the Indian smartphone market at 0.04 per cent during the March 2024 quarter. "Google is estimated to register healthy growth of 30 per cent annually in 2024 owing to two reasons -- Google has started <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> it entire series domestically, which will help it save in import duties and sell cost effectively. "Secondly, the growing premiumization trend will work in favour of Google boosting growth for the only devices with flagship Android experiences in the market supported by strong ATL promotions," said Neil Shah, VP Research, Counterpoint Research. As per Cybermedia Research, Google Pixel has less than one per cent market share in India. "Google is finally waking up to India's attractive domestic market as well as its potential as a global export hub. The move to make Pixels in India comes at at time when a premiumization trend surging through the smartphone market. In addition to manufacturing, Google will need to address other parts of the puzzle, including marketing and post-sales support, including a strong service network. "With this, Google can potentially emulate the success of other smartphone giants in India," said Prabhu Ram, Head- Industry Intelligence Group (IIG), CyberMedia Research. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank">Poco F6 with Snapdraon 8s Gen 3 chipset launched starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank">Sunrisers Hyderabad and Rajasthan Royals compete for the IPL finals spot on May 24</a>

Google to make Pixel smartphones at Foxconn, Dixon facilities from September

The <keyword id="19924335" type="General" weightage="100" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> is set to create a massive 5 lakh jobs in the manufacturing sector over the next five years, spanning industries such as <keyword id="20009962" type="General" weightage="20" keywordseo="semiconductors" source="keywords">semiconductors</keyword>, <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> (EVs), batteries, and precision manufacturing. Tata Sons Chairman, <keyword id="19981536" type="General" weightage="20" keywordseo="N-Chandrasekaran" source="keywords">N Chandrasekaran</keyword>, made this announcement on Tuesday, underlining the critical role manufacturing will play in India’s ambition to become a developed nation. Speaking at a symposium organised by the Indian Foundation for Quality Management, Chandrasekaran highlighted that India’s progress depends heavily on its ability to generate <keyword id="22266334" type="General" weightage="20" keywordseo="manufacturing-jobs" source="keywords">manufacturing jobs</keyword>. He stressed that creating employment in this sector is crucial, given the influx of new workers entering the job market each month. “Through our investments in semiconductors, electric vehicles, precision manufacturing, and related industries, Tata Group expects to generate 5 lakh jobs over the next five years,” Chandrasekaran said as per a PTI report. He pointed to the group’s upcoming semiconductor plant in Assam and new manufacturing facilities for electric vehicles and batteries as significant contributors to this <keyword id="20268654" type="General" weightage="20" keywordseo="job-creation" source="keywords">job creation</keyword>. Chandrasekaran also talked about the broader impact of these initiatives, explaining that job creation in manufacturing has a multiplier effect, with numerous indirect employment opportunities arising from these projects. According to his calculations, for every direct job created in sectors like semiconductors, up to ten additional indirect jobs could emerge. The Tata Group’s investments will also spur the growth of small and medium enterprises (SMEs), with an estimated 5 lakh such businesses expected to form as part of the evolving ecosystem supporting these industries. While praising the government’s support for these initiatives, Chandrasekaran said that India’s vision of becoming a “Viksit Bharat” (developed India) cannot be achieved without substantial growth in manufacturing employment. “Every month, one million people join the workforce, and we need to create 100 million jobs,” he added, reinforcing the urgency of job creation in new-age industries. (With PTI inputs)

Tata Group will generate 5 lakh jobs in 5 years, says Tata Sons Chairman N Chandrasekaran

<ul class="summary-list"><li>Morgan Stanley estimated that bringing manufacturing back to the US could add $10 trillion to the economy.</li><li>The bank pointed to a 20-year stagnation of the industrial economy as production was sent offshore.</li></ul>The US economy could unlock trillions in value over the next decade if more manufacturing activity comes back to the US, according to Morgan Stanley.After decades of production activity being sent abroad, domestic manufacturing is starting to come back to the US, the bank said, a phenomenon known as <a target="_blank" class="" href="https://www.businessinsider.com/reshoring-trade-investors-safe-haven-bet-regardless-of-election-winner-2024-8">reshoring</a>. If domestic production continues to scale, the economy could gain as much as $10 trillion in value over the next decade, according to Chris Snyder, a US multi-industry analyst at the bank."After decades of offshoring and relying on international supply chains, the pendulum is swinging back toward domestic production," Snyder said in a recent <a target="_blank" class="" href="https://www.morganstanley.com/ideas/thoughts-on-the-market-supply-chain?cid=SM_CORP_YOUTUBE_Morgan+Stanley_20241028&amp;linkId=636499587">episode</a> for Morgan Stanley's "Thoughts on the Market" podcast. "In fact, we believe the US is entering the early innings of <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-reindustrializing-how-to-invest-manufacturing-cyclical-quality-2024-7">re-industrialization</a> — a multi-decade opportunity that we size at $10 trillion and think has the potential to restore growth to the US industrial economy following more than 20 years of stagnation," he added.The <a target="_blank" class="" href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/september/">manufacturing sector continued to contract</a> in September, with activity declining for the 22nd month out of the last 23, per the Institute of Supply Management.Still, the sector is showing signs that the US is backing backing away from offshore production. The US's international trade deficit for goods and services declined to $70.4 billion in August, down $8.5 billion from the prior month, according to the <a target="_blank" class="" href="https://www.bea.gov/news/2024/us-international-trade-goods-and-services-august-2024">Commerce Department</a>.The Biden administration, meanwhile, has poured billions into its <a target="_blank" class="" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">push to increase chip production</a> in the US and boost<a target="_blank" class="" href="https://www.businessinsider.com/biden-to-sign-executive-order-to-boost-us-manufacturing-2021-1"> the manufacturing</a> and industrial sectors. As of February of this year, annual investment in new manufacturing facilities hit a record $225 billion, according to a <a target="_blank" class="" href="https://www.jec.senate.gov/public/index.cfm/democrats/2024/4/fact-sheet-the-manufacturing-renaissance-that-will-drive-the-economy-of-the-future">memo</a> from the Senate Joint Economic Committee.Shifting production back to the US is expected to be helped along by new technology, like artificial intelligence and more advanced robotics and automation, Snyder said. That could be a boon for "high-tech" sectors in the US, he later added, pointing to the semiconductor, pharmaceuticals, and advanced manufacturing systems industries.Traditional industrial firms — like those in the auto and aerospace sectors — and companies that invest in more sustainable manufacturing are also expected to benefit from the reshoring shift, he added."All told, these businesses should see shorter supply chains, reduced legal and tariff costs, and a more resilient operational structure."The cumulative effects could be "pretty profound" across the US economy, Snyder said, with the boost to industry and manufacturing bound to raise GDP. Reshoring could also potentially undo the US's trade deficit with other economies, Snyder said."The US — with its robust tech sector and innovation ecosystem — is uniquely positioned to leverage technology to revitalize its manufacturing base," he added.

Bringing manufacturing back to the US is a $10 trillion opportunity for the economy, Morgan Stanley says

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords">Apple</keyword> will reportedly make <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> models in India this year.</li><li>Foxconn is expected to make the iPhone 16 Pro models at its facility in Sriperumbudur.</li><li>The iPhone 16 Pro models will reportedly be imported in the first few weeks.</li></ul> In a boost to Apple’s iPhone production in India, the Cupertino tech giant is set to manufacture the flagship models in its upcoming iPhone 16 lineup soon after its launch. Last year, Apple produced the<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-iphone-15-plus-with-usb-type-c-port-improved-cameras-launched-starting-at-799/articleshow/103615581.cms"> iPhone 15</a> in India and this was available from day one. Soon after this, the iPhone 15 Plus was produced in India by Pegatron. The<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms"> iPhone 15 Pro and iPhone 15 Pro Max</a> were imported in the country. According to a<a href="https://www.moneycontrol.com/technology/apple-to-make-iphone-16-pro-and-pro-max-models-in-india-this-year-sources-article-12779508.html"> report</a> by Moneycontrol, the iPhone 16 Pro models will also be produced in India this year. The iPhone 16 Pro models will reportedly be assembled by Apple’s partner Foxconn at its facility in Sriperumbudur, Tamil Nadu as part of the company’s plan to diversify production from China. "Every year, Apple seeks to deepen its manufacturing capabilities with partners in India. Production of Pro models is something that has been under consideration for the last couple of years. This year, Apple will manufacture the Pro and Pro Max models in India to make sure the India-assembled iPhone 16 Pro models are available in the country after the launch,” the report said, citing a source familiar with the matter. <h2>Initial devices to be imported</h2>As the iPhone 16 Pro models will be produced sometime after its launch, the initial devices will be imported, and this will cost Apple less this year as the Indian government has reduced the<a href="https://www.businessinsider.in/budget/news/budget-2024-customs-duty-on-mobile-phones-chargers-and-more-reduced/articleshow/111962490.cms"> basic customs duty (BCD)</a> on mobile phones as part of Budget 2024-25. The iPhone 16 is set to be made available on the first day of sales in India and it will be shortly followed by iPhone 16 Plus. <h2>Apple’s sales in India to grow by over 20% this year</h2>According to industry estimates, iPhone shipments are projected to increase by over 20% this year on the back of domestic manufacturing support and strong distribution. Apple saw robust sales of around $8 billion in the country in FY24, an increase of around 33% year-on-year. Apple shipped over 10 million iPhones in 2023 in India, up from 6 million in 2022. The company recorded a 6% market share in the Indian smartphone market in 2023. Experts have said that there is a definitive trend of Apple attracting many first-time users for its newly launched iPhones in India, alongside the strong sales of previous-generation devices. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms">Pixel 9 series design and specs revealed ahead of launch next month</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-customs-duty-on-mobile-phones-chargers-and-more-reduced/articleshow/111962490.cms">Budget 2024 – Customs duty on mobile phones, chargers and more reduced</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms">OnePlus Nord 4 with metal back, Snapdragon 7+ Gen 3 launched in India starting at ₹29,999</a>

Apple to manufacture iPhone 16 Pro models in India soon after launch

<ul class="summary-list"><li>South Korean companies invested more in the US in 2023 than any other country, per UN data.</li><li>The Inflation Reduction Act and CHIPS Act offer financial incentives for American-manufactured EVs, batteries, and chips.</li></ul>South Korean companies are investing billions of dollars in the US to take advantage of two big laws meant to boost American manufacturing.According to a <a target="_blank" class="" href="https://www.ft.com/content/dbc8208c-7fe2-41bf-a50d-f66abc65fde6">Financial Times</a> analysis of United Nations data, South Korean companies invested $21.5 billion in US projects in 2023, more than any other country. South Korea overtook Taiwan, which held the top spot in 2022.Samsung, LG, and Hyundai are among the South Korean companies committing billions of dollars to build facilities in the US to manufacture electric vehicles, batteries, and semiconductor chips. Much of the money is flowing to <a target="_blank" class="" href="https://www.businessinsider.com/best-economy-us-south-texas-florida-houston-dallas-nashville-miami-2023-12">southern states</a>, boosting jobs in the so-called <a target="_blank" class="" href="https://www.businessinsider.com/georgia-electric-vehicle-battery-manufacturing-inflation-reduction-act-clean-energy-2024-9">Battery Belt</a>.Yeo Han-koo, former trade minister of the Republic of Korea and a senior fellow at the Peterson Institute of International Economics, told Business Insider that US and South Korean interests in emerging technologies are perfectly aligned.Amid geopolitical uncertainty, the Biden administration is aiming to decouple US <a target="_blank" href="https://www.businessinsider.com/us-china-trade-war-tariffs-economy-election-janet-yellen-manufacturing-2024-4">supply chains from China</a> to compete in the <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">EV and chips race</a>. Meanwhile, South Korea — a longtime US ally — aims to build its global profile in high-tech and auto manufacturing.In particular, Yeo said, the 2022 Inflation Reduction Act and CHIPS and Science Act provide financial incentives for companies to invest in green technology in the US, bolstering South Korean commitments."In addition to these new geopolitical factors, these massive subsidies and tax incentives from the IRA and the CHIPS and Science Act really provide a good motivation for these Korean companies to invest in the US," Yeo said.<h2 id="b759499f-886b-4c14-8bae-91a8ccc1e284">South Korean companies are creating green tech jobs in the US</h2>According to the Financial Times analysis, over half of South Korea's outbound investments went to the US in 2023, up from 18% in 2019. During that same time, South Korean outbound investment in China decreased from 11% to 1%.Over a third of Korean project announcements in the US in 2023 were in the automotive or electronics sectors, including a <a target="_blank" class="" href="https://www.businessinsider.com/georgia-electric-vehicle-battery-manufacturing-inflation-reduction-act-clean-energy-2024-9">Kia plant in Georgia</a> set to take advantage of the IRA's $7,500 tax credit for buyers of US-made EVs.Similarly, in February, Hyundai <a target="_blank" rel=" nofollow" class="" href="https://www.prnewswire.com/news-releases/hyundai-announces-new-production-start-date-at-metaplant-america-during-hyundai-day-in-georgia-302071754.html#:~:text=Hyundai%20Motor%20Group%20is%20investing,that%20will%20employ%203%2C500%20workers.">announced</a> over $7 billion in investment in production facilities in Georgia. The company estimates their investments will create nearly 40,000 jobs in the state.And South Korean investments span across multiple states, mainly in the South. Samsung <a target="_blank" href="https://www.americanprogress.org/article/new-samsung-semiconductor-plant-in-taylor-texas/#:~:text=Samsung%20invested%20approximately%20%2417%20billion,artificial%20intelligence%20(AI)%20purposes">invested</a> $17 billion in a semiconductor plant in Texas that is expected to create thousands of jobs. LG recently <a target="_blank" href="https://www.queencreekaz.gov/Home/Components/News/News/13041/13">invested</a> $5.5 billion in building a battery plant in Arizona.Additionally, SK Hynix, Inc. <a target="_blank" href="https://news.skhynix.com/sk-hynix-signs-investment-agreement-of-advanced-chip-packaging-with-indiana/">announced</a> a $3.87 billion plant in Indiana to produce chips for AI products. The plant is expected to create nearly 1,000 jobs by 2030.Yeo said South Korea has an interest in becoming a competing player in emerging technologies, and the US needs allies to bolster its manufacturing."Reviving US manufacturing will be one of the most important economic policy objectives, but I mean, the US cannot do it alone," Yeo said. "The US needs a kind of partner in rebuilding this manufacturing, especially in these emerging new industries and supply chains."In the past decade, South Korean companies have <a target="_blank" href="https://gov.texas.gov/uploads/files/business/SouthKorea-Profile.pdf">created</a> about 7,000 jobs in Texas and <a target="_blank" class="" href="https://iedc.in.gov/events/news/details/2024/03/04/indiana-to-promote-booming-battery-ev-ecosystems-to-industry-leaders-in-south-korea">nearly 8,000 jobs</a> in Indiana.As the US reenergizes its manufacturing industries, Biden's inflation-fighting laws include provisions excluding businesses with supply chains connected with "foreign entities of concern," like China, Yeo said, to guarantee competition."Once you get the US subsidies, you are limited in terms of your flexibility to invest in China," Yeo said.Those provisions have incentivized South Korean companies to divert from China and focus more on the US.In May, South Korea's Ministry of Trade, Industry and Energy announced it committed $7 billion toward moving its supply chains away from China to further comply with US rules, according to <a target="_blank" class="" href="https://www.wsj.com/business/south-korea-plans-7-billion-push-to-pivot-ev-battery-industry-away-from-china-1fa1f189">The Wall Street Journal</a>.Furthermore, as high-tech products like EV batteries become a primary focus for US manufacturing, it makes business sense for South Korean companies to invest in plants directly in the US, Yeo said."These batteries, for example, are very bulky products," Yeo said, referring to EV batteries, which he said are cumbersome to ship. "So I think in the case of the battery industry, I think it also makes commercial sense to locate those factories close to the final market or end users."South Korean companies like LG and Samsung are designed to be global, Yeo said, and the US is often a target destination for large corporations.According to World Bank <a target="_blank" class="" href="https://data.worldbank.org/indicator/SP.POP.TOTL?locations=US">data</a>, the US population is above 330 million, while South Korea's population is just above 50 million."The US is the biggest market right now, and also still, the US market is considered to be very sophisticated," Yeo said. "When these global companies roll out new products, new technologies, they need to test it in the US market."To be sure, Yeo said it's important to recognize that trade is a complicated picture. China has been and continues to be one of South Korea's largest trading partners. While this moment provides business opportunities for South Korean companies in the US, the looming geopolitical tension with China creates uncertainty."With this geopolitical tension arising between the US and China, a lot of Korean businesses who had invested in China and had big kind of China operation are really kind of being squeezed between the US and China," he said.South Korean companies are committing to the US right now, but Yeo said political uncertainty over the presidential election encourages caution for international business."Korean companies have a first-mover advantage at the moment, but now also they are facing potential risk, depending on the outcome of the November election in the US," Yeo said.Nonetheless, Yeo said these investments would likely not make business sense without the subsidies and incentives provided by the Biden Administration's focus on manufacturing."Because of this combination of all these factors you see right now," he said, "Korean investments are really flooding into the US market." Are you trying to get a job building EVs or AI chips? Reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

South Korea is going big on American manufacturing. The Battery Belt could benefit the most.

<ul class="summary-list"><li>AI technologies have the potential to replace some US jobs in the future.</li><li>An economist says people displaced by AI will be better off than past manufacturing workers.</li></ul>One of the big questions facing US economists is what the coming <a target="_blank" href="https://www.businessinsider.com/ai-boom-share-profits-workers-productivity-wages-2023-5">AI revolution</a> will mean for workers.In the years ahead, there are concerns that companies' huge <a target="_blank" href="https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7">AI investments</a> — and their ongoing adoption of these technologies — could <a target="_blank" href="https://www.businessinsider.com/chatgpt-jobs-at-risk-replacement-artificial-intelligence-ai-labor-trends-2023-02">eliminate jobs</a>. A Goldman Sachs report published last year estimated that <a target="_blank" class="" href="https://www.businessinsider.com/what-jobs-will-ai-replace-labor-market-artificial-intelligence-impact-2023-7">300 million</a> full-time jobs across the globe could be disrupted — not necessarily replaced — by AI in the coming years. It's <a target="_blank" class="" href="https://www.businessinsider.com/jobs-lost-in-may-because-of-ai-report-2023-6">already costing</a> some workers their jobs.Similar to US <a target="_blank" href="https://www.businessinsider.com/jobs-ai-chatgpt-career-change-reskilling-tech-training-workers-disruptions-2023-11">manufacturing workers</a> who lost their jobs in recent decades to advancements like <a target="_blank" class="" href="https://www.businessinsider.com/automation-labor-market-wage-inequality-middle-class-jobs-study-2021-6">automation</a>, those displaced by AI could find themselves without the skills needed for the modern workforce.But there might be some reason to avoid a doom and gloom outlook. According to Steven Davis, senior fellow and director of research at the Hoover Institute — a public policy think tank based at Stanford University — the average person who loses their job due to AI will be better positioned to find a new role than the average US manufacturing worker who <a target="_blank" href="https://www.businessinsider.com/how-manufacturing-factories-save-america-economy-future-crappy-service-jobs-2022-7">lost their job</a> in recent history."For any given scale of job loss caused by AI, there's going to be less economic hardship than we can anticipate from our previous experience with industrial job loss," Davis told Business Insider.In 2000, roughly <a target="_blank" href="https://fred.stlouisfed.org/series/MANEMP">17 million</a> Americans worked in manufacturing, but by 2010, the number had fallen to about 11 million — it's roughly 13 million as of June. Much of the decline was <a target="_blank" class="" href="https://www.businessinsider.com/how-manufacturing-factories-save-america-economy-future-crappy-service-jobs-2022-7">in the Midwest</a>. Between 1990 and 2019, employment in the Midwest's manufacturing industry fell by over <a target="_blank" class="" href="https://www.bls.gov/opub/mlr/2021/article/exploring-midwest-manufacturing-employment-from-1990-to-2019.htm#:~:text=Between%201990%20and%202019%2C%20the,by%201.1%20million%2C%2021.2%20percent.">1 million</a>, or about 21%.Various factors, including <a target="_blank" class="" href="https://www.businessinsider.com/how-the-pandemic-changed-manufacturing-forever-according-to-execs-2021-4">automation</a> and <a target="_blank" href="https://www.businessinsider.com/what-happened-to-american-jobs-in-the-80s-2017-7">globalization</a>, have driven the decline, and many workers who lost their jobs <a target="_blank" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">struggled to find work</a> in the aftermath. However, Davis said workers who are displaced by AI should have a better chance of avoiding the same fate. It comes down to when — and where — AI job losses are likely to materialize.To be sure, there is significant disagreement among experts about what the AI future will <a target="_blank" class="" href="https://www.businessinsider.com/ai-wont-take-your-job-someone-using-it-will-quote-2024-6">mean for US workers</a>. But some say looking at previous disruptions to the labor market could <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-ai-artificial-intelligence-how-to-prepare-history-productivity-2023-7">provide some insight</a> into what lies ahead.<h2 id="77281e66-a782-45df-a95d-d659a5fb618f">AI job displacement will be less concentrated than the loss of manufacturing jobs</h2>Some level of job loss is inevitable in the US economy — whether it be due to a recession, automation, or some other factor. In June, over 1.4 million Americans were <a target="_blank" href="https://fred.stlouisfed.org/series/JTSLDL">laid off</a> or discharged, among the lowest monthly figures over the past two decades. But when a person loses their job and can't find a new one, a temporary setback can end up having a <a target="_blank" href="https://www.businessinsider.com/college-graduates-cant-find-jobs-earn-less-strong-labor-market-2024-6">lasting impact</a> on their finances.Therefore, when one weighs the impacts of the coming AI boom, Davis said it's wise to consider not only <a target="_blank" href="https://www.businessinsider.com/ai-radically-reshape-job-market-global-economy-employee-labor-innovation-2023-8">how many jobs it could displace</a> — which happens to be extremely difficult to forecast — and focus on a more manageable question: How hard of a time will any displaced workers have finding new roles?Davis said there are several reasons workers who are displaced by AI should have an easier time finding work than many <a target="_blank" href="https://www.journals.uchicago.edu/doi/full/10.1086/700896">manufacturing workers</a> of the past.First, when manufacturing jobs <a target="_blank" class="" href="https://www.businessinsider.com/jobs-that-were-popular-in-2000-that-have-almost-disappeared">have been lost</a>, it's often happened in bunches. A <a target="_blank" href="https://www.businessinsider.com/major-iconic-factory-closings-2008-2011-2">factory closed</a> or a recession led to widespread cuts — Davis said economic downturns have historically hit the manufacturing industry "especially hard."Not only have many manufacturing workers experienced job losses around the same time, but they've also tended to be clustered geographically around large manufacturing facilities, Davis said. This created situations where a large number of laid-off manufacturing workers with similar skills were looking for jobs at the same time in the same area — and there often just wasn't enough work to go around."If you enter the market or you need to find a new job in a recession, it's typically harder, not just because there's less hiring going on but because there are lots of other people looking for jobs at the same time," Davis said.However, job losses in most industries, including those expected to be <a target="_blank" href="https://www.businessinsider.com/job-disruption-ai-future-careers-blue-collar-desk-work-2023-11">impacted by AI</a>, are less likely to happen at the same time and in the same area, Davis said. So even if AI displaces some jobs, he expects workers to be in a better position to find a new role.Additionally, to the extent workers displaced by AI are concentrated geographically, Davis said they're more likely to be in densely populated areas like cities. Impacted workers in cities would be more likely to have <a target="_blank" href="https://www.businessinsider.com/best-us-cities-for-job-opportunities-earnings-potential-nashville-austin-2023-4">job opportunities</a> than workers where manufacturing jobs were concentrated, which often were <a target="_blank" class="" href="https://www.businessinsider.com/midwest-america-cities-downtown-crisis-office-apocalypse-urban-doom-loop-2023-6">in the Midwest</a>.Secondly, the <a target="_blank" href="https://www.businessinsider.com/millennials-high-earners-moved-office-work-from-home-remote-work-2024-3">rise of remote work</a> has also led many companies' workforces to be more geographically dispersed than they used to be. So even if a company replaced many of its workers with AI, these people would be less likely to compete with each other as they looked for new jobs."For the people who lose their jobs, at least many of them are not in a local labor market that's being hit by a wave of job losses from a single company or a single industry," Davis said. He added that remote working arrangements could also expand job opportunities for impacted workers — they wouldn't only have to apply for jobs in their local areas.In June, about 24% of full-time US workers age 16 and older <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">worked from home</a> at least some of the time, according to the Bureau of Labor Statistics — 11% were remote for all their working hours.<h2 id="b7e5e4c2-f6aa-432c-b845-e550f1a55e33">Widespread AI job displacement won't happen for at least a decade</h2>While Davis is uncertain about the timing and scale of AI job displacement, he said he doesn't expect AI to drive major job losses over the next decade."I think AI is a potentially revolutionary technology, but it's one thing to develop the technology itself," Davis said. "To actually commercialize it at scale takes a long time typically, and we'll run into political resistance and policy resistance that will also slow down the process."Experts have raised concerns about AI's potential to produce <a target="_blank" class="" href="https://www.businessinsider.com/developer-creates-ai-disinformation-system-using-openai-2023-9">misinformation</a>, violate <a target="_blank" class="" href="https://www.businessinsider.com/openai-copyright-lawsuit-authors-chatgpt-trained-on-books-2023-7">copyright law</a>, and even lead to <a target="_blank" class="" href="https://www.businessinsider.com/ai-report-risks-human-extinction-state-department-expert-reaction-2024-3">human extinction</a>. Congress has <a target="_blank" class="" href="https://www.businessinsider.com/ai-regulations-what-lawmakers-president-are-doing-2024-4">yet to pass</a> comprehensive regulation related to AI, but President Joe Biden signed an executive order last year that included safety standards for AI researchers to follow.Davis said that historically, it's taken decades for new technologies to be adopted across the entire economy. He pointed to <a target="_blank" href="https://www.businessinsider.com/power-grid-strain-home-vehicle-electrification-ai-startups-2024-3">electrification</a>, the microprocessor, and the steam engine as past examples.While there's been speculation that underlying AI technologies <a target="_blank" href="https://www.businessinsider.com/ai-is-developing-too-fast-pause-bard-says-its-complicated-2023-4">could improve faster</a> than previous technologies, Davis said he thinks adopting them at scale will remain a challenge.He isn't alone in his skepticism. Jim Covello, Goldman Sachs' head of global equity research, expressed a similar sentiment during a "Goldman Sachs Exchanges" podcast released on July 16."We're a couple of years into this, and there's not a single thing that this is being used for that's cost-effective at this point," he <a target="_blank" href="https://www.goldmansachs.com/intelligence/podcasts/episodes/a-skeptical-look-at-ai-investment.html">said</a> of AI technology. "I think there's an unbelievable misunderstanding of what the technology can do today. The problems that it can solve aren't big problems."What's more, Davis said there's also plenty of potential for AI to <a target="_blank" href="https://www.businessinsider.com/new-jobs-al-will-create-no-collegee-degree-chatgpt-2023-11">create jobs</a>, adding that the early evidence suggests this tech isn't displacing jobs — but simply <a target="_blank" href="https://www.businessinsider.com/jobs-at-risk-from-ai-replace-change-chatgpt-automation-study-2023-7">changing them</a>."It's different than introducing a bunch of robots into a manufacturing plant and saying we don't need the workers anymore," he said. "That may eventually happen with AI, but that's not the main way it's been playing out so far."However, in the decades ahead, Davis said it's possible that AI could lead to wider job displacement. He mentioned <a target="_blank" class="" href="https://www.businessinsider.com/cvs-pharmacy-use-ai-customer-service-call-centers-tilak-mandadi-2024-6">customer service agents</a> as one profession that could be particularly vulnerable."The big question is does it happen gradually over time, in which case it would be relatively easy to accommodate," he said.Have you lost your job due to AI? Have you used AI tools to save time at work? Share your experience with this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

Why workers who lose their jobs to AI will be better off than the Midwest manufacturing employees of two decades ago

Premium EV motorcycle startup <keyword id="16680899" type="General" weightage="20" keywordseo="raptee" source="Orion">Raptee</keyword> on Thursday said it plans to invest ₹85 crore in its newly opened manufacturing facility in <keyword id="12864" type="General" weightage="100" keywordseo="chennai" source="Orion">Chennai</keyword> with a capacity of 1-lakh units per annum. Announcing the opening of the facility, spread over 3 acres, the ex-Tesla executives-backed company said it will also house a majority of its research and development team. It will serve as the primary production plant for the next 24 months. The Chennai factory is expected to roll out the first motorcycle later this year, the company founded by four engineers from Chennai said. "This is a huge leap forward for us. We are at an inflection point where we move from a small R&amp;D outfit to becoming a full-blown OEM," Raptee co-founder and CEO <keyword id="2128784" type="General" weightage="50" keywordseo="dinesh-arjun" source="Orion">Dinesh Arjun</keyword> said. The company said the R&amp;D centre will house on-site development and testing facilities and will aid in future products. The plant will also have a dedicated battery pack assembly line. "We have been very particular about having R&amp;D and manufacturing teams in the same campus to improve collaborations in this extremely crucial period for the company and that meant the entire property will need to be inside the city," Arjun said. Early this year, Raptee received a grant of ₹3.27 crore from the Automotive Research Association of India under the AMTIFs (Advance Mobility Transformation &amp; Innovation Foundation) Industry Accelerator programme as a part of the Capital Goods Scheme by the <keyword id="165278" type="General" weightage="50" keywordseo="ministry-of-heavy-industries" source="Orion">Ministry of Heavy Industries</keyword>. "The facility is big enough to cater to the growing size of our team for the next two years. From a manufacturing capacity standpoint, it also gives us enough flexibility to meet the customer demand from the time of launch," said <keyword id="17711228" type="General" weightage="50" keywordseo="jayapradeep-vasudevan" source="Orion">Jayapradeep Vasudevan</keyword>, Chief Business Officer at Raptee. SEE ALSO:<a href="https://www.businessinsider.in/tech/apps/news/truecaller-launches-call-recording-for-android-and-ios-offers-ai-powered-call-transcription/articleshow/101017853.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-launches-call-recording-for-android-and-ios-offers-ai-powered-call-transcription/articleshow/101017853.cms" target="_blank">Truecaller launches call recording for Android and iOS, offers AI-powered call transcription</a> <a href="https://www.businessinsider.in/tech/news/amazon-launches-ad-supported-prime-lite-membership-in-india-heres-everything-you-need-to-know/articleshow/101010668.cms">Amazon launches ad-supported Prime Lite membership in India – here’s everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2-to-launch-in-india-on-july-11-heres-everything-we-know-so-far/articleshow/100968848.cms">Nothing Phone (2) to launch in India on July 11 – here’s everything we know so far</a>

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