Source: Thomas Peter | Reuters
Apple is trying to manufacture 25% of all of its iPhones in India, the nation’s commerce minister mentioned Monday.
Piyush Goyal, India’s minister of commerce and business, referred to as Apple “another success story” as he talked up the business credentials of the world’s fifth-largest financial system.
“They’re [Apple] already at about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing,” Goyal mentioned at a convention.
Apple didn’t reply to a request for remark when contacted by CNBC.
Last 12 months, Apple started assembling its flagship iPhone 14 in India. It was the primary time the tech large, based mostly in Cupertino, California, produced its newest mannequin in India so near its launch. Apple has been manufacturing iPhones in India since 2017, however these had been normally older fashions.
Taiwanese agency Foxconn, the principle assembler of Apple’s iPhones, is manufacturing the smartphones at its Sriperumbudur manufacturing facility on the outskirts of Chennai in jap India.
JPMorgan analysts mentioned in a notice from September that Apple may make 25% of all iPhones globally in India by 2025.
Apple has been trying to diversify manufacturing away from China, the place it at present makes the majority of its iPhones. Fragilities in China had been uncovered final 12 months after a Covid outbreak and employee protests on the world’s largest iPhone manufacturing facility in Zhengzhou, China, which can also be run by Foxconn, disrupted manufacturing.
Last 12 months, CNBC reported that India is exploring bringing a few of Apple’s iPad manufacturing to the nation from China.
Apple has only a 5% market share in India’s smartphone market, however CEO Tim Cook has long-seen India as a possible space for progress.