The development comes amid Apple ramping up its iPhone manufacturing in India. On Tuesday, Bloomberg reported that
Apple Inc.’s iPhone exports from India crossed $1 billion in the five months since April, signaling the South Asian nation is making progress with its bid to become a force in electronics manufacturing.
At the current rate, outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, the people said. That’s almost double the $1.3 billion worth of iPhones India exported in the year through March 2022.
Shifting some of the manufacturing of AirPods and Beats headphone to India shows Apple’s belief in India’s manufacturing capabilities, a point that was recently
highlighted by Raj Joshi, senior vice president, corporate finance group at international brokerage firm Moody’s.
“Apple’s plan to manufacture iPhone 14 products in India is credit positive because it will diversify its manufacturing base that is highly concentrated in China,” Joshi had said.
Also read:
Can India pip China anytime soon in iPhone manufacturing?
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