Apple exported more than US$2.5 billion of iPhones from India from April to December, nearly twice the previous fiscal year’s total, reports Bloomberg.
Apple suppliers Foxconn Technology Group and Wistron Corp. have each shipped more than $1 billion of Apple’s marquee devices abroad in the first nine months of the fiscal year ending March 2023, the article adds. Pegatron Corp., another Apple contract manufacturer, is on track to move about $500 million of the gadgets overseas by the end of January, Bloomberg adds.
What’s more, Apple is likely to triple its production of iPhones assembled in India over the next two year, according to Mint.
The article quotes an unnamed “senior industry executive as saying: ”[Apple is] looking to scale up the volumes that they make from India. It can rise by more than three times what they aim to make this year.” Mint also cites a second executive who said Apple has instructed Foxconn, Pegatron, and Wistron, three of its biggest suppliers, to increase their capacity and manpower in the country.
Speaking of Foxconn, Apple’s biggest contractor has invested US$500 million in its Indian subsidiary, as the Taiwanese manufacturing giant moves ahead to diversify its supply chain after China’s stringent pandemic controls disrupted production at its top iPhone plant in the central city of Zhengzhou, reports The South China Morning Post.
The article notes that the cash injection into Foxconn Hon Hai Technology India Mega Development Private Limited, made through Foxconn’s Singapore unit Foxconn Singapore Pte Ltd, involved the purchase of over 4 billion shares, according to a filing on Thursday to the Taiwan Stock Exchange.