According to the India Cellular and Electronics Association, smartphones worth nearly $9 billion have been exported from India between April 2022 and February 2023, of which iPhones accounted for more than 50 per cent.
Image Credit source: Representational Image
China is constantly facing setbacks on both the manufacturing and business fronts. American companies are continuously moving their business from China to other countries. At present, India remains the favorite destination of American companies. Apple has made up its mind to take out its entire business from China and bring it to India. Apple’s Taiwanese supplier company is looking for land to set up another factory in India. New iPhones will be assembled in this new factory. Let us also tell you which company is going to open the factory where.
Plant was planted by Pegatron 6 months ago
Apple Inc’s Taiwanese supplier Pegatron Corp is going to open another factory in India. In fact, Apple is reducing its dependence on China, due to which its supplier companies are moving towards India. About 6 months ago, Pegatron is working on plans to open a second factory near the southern city of Chennai in the state of Tamil Nadu. Earlier, Pegatron had invested $150 million. The work of assembling the new iPhone will be done in the new factory. Pegatron has refused to comment on this, but has definitely said that the acquisition of the property will be disclosed on the basis of rules. There has been no statement of any kind from Apple.
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Phone exports worth $9 billion in a year
India is being seen as the next growth frontier for Apple. According to the India Cellular and Electronics Association, smartphones worth nearly $9 billion have been exported from India between April 2022 and February 2023, of which iPhones accounted for more than 50 per cent. Research firm Counterpoint said Pegatron currently accounts for 10 per cent of Apple’s iPhone production in India on an annual basis.
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Factory will be smaller than before
Apple and its main supplier are shifting production away from China to avoid possible losses due to the ongoing tension between America and China. Talks are on to start a second Pegatron facility on lease and it will be located inside Mahindra World City near Chennai, where the company inaugurated the first plant in September 2022. According to the information, Pegatron’s second factory may be slightly smaller than the first one. Apple Inc. has bet big on India. Apple started assembling iPhone in the country in 2017 through Wistron and later Foxconn.
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Other companies are also getting approval
India is the world’s second largest smartphone market, where Apple also plans to assemble iPad tablets and AirPods. India’s Karnataka state said this week it has approved a $968 million investment by Foxconn, creating 50,000 jobs. Last week, Reuters reported that Foxconn plans to build a $200 million factory in India to make wireless earphones for Apple after winning the contract. It already assembles some iPhone models at its plant in Tamil Nadu.