Apple exported $2.5 billion worth of iPhones from India between April and December last year. These fast-growing numbers highlight how the tech giant is moving production out of China. China has been hit by worker protests amid zero Covid-19 policies and booming iPhone production in India.
Foxconn Technology Group, Apple’s largest contract manufacturer, and Wistron, another of Apple’s contract manufacturers, each generated more than $1 billion in revenue during the first nine months of the fiscal year ending March 2023. It shipped Apple’s marquee devices overseas, the report added, adding that the deal. Another of his iPhone contract manufacturers, Pegatron Corp, plans to move about $500 million of iPhone models overseas by the end of January, the report added.
Note that the Cupertino, Calif.-based tech giant won’t start assembling the latest iPhone models in India until 2022. Apple launched the iPhone 14 model in September and began assembling the new iPhone 14 in China 10 days after the global launch of the iPhone 14 series.
iPhone India has three assembly partners Foxconn, Wistron and Pegatron, all of which are in the PLI scheme and are expected to ramp up production in the coming years. India will account for his 3-4% of global iPhone manufacturing in CY2021 and Counterpoint Research believes it will grow and reach 7-8% by CY2023.
Apple has long promised to open physical stores in India, but those plans appear to have been delayed due to Covid restrictions. However, according to a recent report by Indian Express, the iPhone maker may soon launch two of his retail outlets in India. The development comes on the back of media reports suggesting that Apple has also started hiring employees at various retail stores.
Meanwhile, Indian conglomerate Tata Group is considering opening 100 stores across India selling only Apple products.