Apple Assembles Over $7 Billion of iPhone In India & Opening 2 New Apple Stores
What happened: Apple has tripled its iPhone production in India, with more than $7 billion worth of iPhones assembled during the FY2022-23.
Move comes as Apple aims to reduce its reliance on China and expand to other countries. Apple now manufactures almost 7% of its iPhones in India.
Why it matters: The tripling of iPhone production in India is significant for the country, which accounted for only 1% of the world's iPhones in 2021. It also reflects Apple's growing interest in diversifying its supply chain and reducing dependence on China amid the escalating tensions between China and the US.
The big picture: With the expansion of production in India, Apple is seeking to tap into the country's fast-growing smartphone market and benefit from Prime Minister Narendra Modi's recent incentives to boost local manufacturing.
Also, the opening of two flagship stores in Mumbai and Delhi is part of Apple's broader strategy to increase its retail presence in India and further expand its reach in the region.
Between the lines: Apple's decision to expand its manufacturing partners to Pegatron Corp. and Foxconn Technology Group highlights its efforts to reduce its dependence on a single supplier and diversify its production base. Additionally, the opening of two flagship stores in India signals Apple's commitment to investing in the country's market and building a stronger presence in the region.
Flashback: In 2020, Apple launched its online retail store in India, making its products more widely available in the country. The move was a significant step for Apple, which had previously relied on third-party sellers to distribute its products in India.
By the numbers: Apple now manufactures almost 7% of its iPhones in India, up from just 1% in 2021. The company has also tripled its iPhone production in India to over $7 billion during the financial year 2022-23.
What they're saying: "Apple's decision to expand its manufacturing base in India and reduce dependence on China is a smart move given the current geopolitical tensions between the US and China," said a supply chain analyst.
Catch up quick: Apple has tripled its iPhone production in India to over $7 billion during the financial year 2022-23, and now makes almost 7% of its iPhones in the country.
The move reflects Apple's growing interest in diversifying its supply chain and reducing its dependence on China.
Additionally, the company is opening two flagship stores in Mumbai and Delhi as part of its broader strategy to increase its retail presence in India and expand its reach in the region.
