India-Made iPhone Exports Meets With Success As China’s COVID-19 Lockdowns Weigh – Apple (NASDAQ:AAPL)
- Apple Inc’s AAPL iPhone exports from India crossed $1 billion in the five months since April.
- 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, Bloomberg reports.
- That’s almost double the $1.3 billion worth of iPhones India exported in the year through March 2022.
- Apple, which long made most of its iPhones in China, sought alternatives as China clashed with the U.S. government and imposed lockdowns across the country that have hindered economic activity.
- India manufactured 3 million iPhones in 2021, versus 230 million in China.
- Apple’s critical contract manufacturers Foxconn Technology Co, Ltd FXCOF, Wistron Corp WICOF, and Pegatron Corp PGTRF, currently make iPhones at plants in Southern India. All three won manufacturing incentives under a federal government plan.
- The devices exported from India from April to August this year comprise iPhone 11, 12, and 13 models, and exports of the new 14 line will begin soon.
- Beyond smartphones, India chalked out plans to boost the financial incentives for tablet and laptop makers.
- Alphabet Inc GOOGL Google urged Indian manufacturers to submit bids to assemble up to 1 million units of its Pixel smartphones. China’s strict COVID-19 lockdown caused massive production delays for Google.
- Vedanta Ltd and Foxconn shared plans to invest $19.5 billion to set up semiconductor plants in India.
- Price Action: AAPL shares traded higher by 1.73% at $144.90 in the premarket on the last check Tuesday.
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