Apple’s Indian Assembly: $14 Billion Worth of iPhones Produced Last Fiscal Year
Apple has assembled $14 billion worth of iPhones in India in the last fiscal year, constituting approximately 14% or about 1 in 7 of its flagship devices, as reported by Bloomberg News on Wednesday, citing sources familiar with the matter.
Apple is intensifying efforts to reduce its dependence on China due to increasing geopolitical tensions, despite China being its primary iPhone manufacturing hub and largest overseas market. However, revenue in China is declining due to competition from companies like Huawei and restrictions on foreign technology use.
India has seen a significant increase in Apple’s manufacturing activities, benefiting from Prime Minister Narendra Modi’s initiatives to attract high-end manufacturing through financial incentives. This growth has resulted in the creation of 150,000 direct jobs at Apple’s suppliers, according to the government.
In the fiscal year ending March 2024, Foxconn Technology Group and Pegatron Corp. assembled approximately 67% and 17% of India-made iPhones, respectively. The remaining iPhones were manufactured at Wistron Corp.’s plant in Karnataka, which was taken over by Tata Group last year. Tata plans to establish one of India’s largest iPhone assembly plants.
The mentioned dollar figure represents the estimated value of the devices upon leaving the factory, rather than their retail prices. Apple representatives declined to provide further comment on the matter.
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