Source: Thomas Pierre | Reuters
Apple seeks to manufacture 25% of all its iPhones in India, the country’s trade minister said on Monday.
Piyush Goyal, India’s Minister of Trade and Industry, called Apple “another success story” when citing business credentials from the world’s fifth-largest economy.
“They are [Apple] already at about 5-7% of their manufacture in India. If I’m not mistaken, they’re aiming to go up to 25% of their manufacturing,” Goyal told a conference.
Apple did not respond to a request for comment when contacted by CNBC.
Last year, Apple started assembling its flagship iPhone 14 in India. It was the first time the Cupertino, Calif.-based tech giant produced its latest model in India so close to launch. Apple has been manufacturing iPhones in India since 2017, but they were usually older models.
Taiwanese company foxconthe main assembler of Apple iPhones, manufactures the smartphones at its factory in Sriperumbudur, on the outskirts of Chennai, in eastern India.
JPMorgan analysts said in a September note that Apple could manufacture 25% of all iPhones worldwide in India by 2025.
Apple has sought to diversify its production outside of China, where it currently manufactures the bulk of its iPhones. The fragilities in China were exposed last year after a covid outbreak and workers’ demonstrations at the world’s largest iPhone factory in Zhengzhou, China, which is also run by Foxconn, disrupted production.
Last year, CNBC reported that India is considering bringing some of Apple’s iPad production to the country from China.
Apple only has a 5% market share in India’s smartphone market, but CEO Tim Cook has long time india as growth potential.