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12/8/2023, 6:18 AM (Source: TeleTrader)
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Apple allegedly looking to produce 50M iPhones in India annually

Apple Inc. is aiming to create 50 million iPhones in India per year, the Wall Street Journal reported citing people with knowledge of the matter.

As per the news outlet's sources, this would make up a quarter of the tech giant's total iPhone production. In addition, even more units are expected to be manufactured in the country following the first two to three years, during which the business wants to hit the aforementioned 50 million target. Sources noted that both Apple and Foxconn Technology Group, its supplier, plan to expand the business in India even further. Foxconn's plant in Karnataka should start operating in April 2024, and will have a capacity to make 20 million mobile handsets on a yearly level. The sources added that the creation of another iPhone-producing megaplant is currently in talks.

Meanwhile, Nikkei reported that Apple will move iPad product development resources to Vietnam, a potential alternative for production outside of China.

Baha Breaking News (BBN) / AY