Apple assembler Foxconn invests $500 million in India business as Apple looks to...
source link: https://macdailynews.com/2022/12/09/apple-assembler-foxconn-invests-500-million-in-india-business-as-apple-looks-to-lessen-crippling-dependence-on-china/
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Apple assembler Foxconn invests $500 million in India business as Apple looks to lessen crippling dependence on China
Friday, December 9, 2022 3:03 pmFriday, December 9, 20223 Comments
Apple’s main iPhone assembler Foxconn has expanded its efforts to cut its dependency on China and invested $500 million this week to expand an existing plant in India.
Caitlin McFall for Fox Business:
The Foxconn news comes one week after reports said that Apple was looking to cut ties with China in the wake of violent worker protests, unpredictable COVID policies and years of supply chain issues following the COVID pandemic.
The Taiwanese manufacturer appears to be making the leap as well by expanding its chip making factories in the South Asian market, particularly in India, where some project that Apple will look to house a top iPhone hub by 2025, reported TechCrunch Thursday.
India already is the world’s second-largest market for iPhone production, with China coming in as number one, and it is unclear to what extent Apple will look to cut ties with the Chinese market.
J.P. Morgan in September reportedly projected that Apple will expand India’s manufacturing capacity to produce 25% of all iPhones by 2025.
MacDailyNews Take: It’s a long road to correct Apple’s China mistake, but at least things are moving in the right direction.
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