Source: Thomas Peter | Reuters
Apple wants to produce 25% of all its iPhones in India, the country’s commerce minister said Monday.
Piyush Goyal, India’s trade and industry minister, called Apple “another success story” as he highlighted the business credentials of the world’s fifth-largest economy.
“They are [Apple] already at about 5-7% of their production in India. If I’m not mistaken, they aim to increase up to 25% of their production,” Goyal said at a conference.
Apple did not respond to a request for comment when CNBC reached out.
Last year, Apple began assembling its flagship iPhone 14 in India. It was the first time the technology giant, based in Cupertino, California, produced its latest model so close to its launch in India. Apple has been making iPhones in India since 2017, but these were mostly older models.
Taiwanese company Foxconnthe main assembler of Apple’s iPhones, manufactures the smartphones at its factory in Sriperumbudur on the outskirts of Chennai in eastern India.
JPMorgan analysts said in a September note that Apple could make 25% of all iPhones worldwide in India by 2025.
Apple has been trying to diversify production outside of China, where it currently makes most of its iPhones. Vulnerabilities in China came to light last year after a Covid outbreak and worker protests at the world’s largest iPhone factory in Zhengzhou, China, which is also run by Foxconn, disrupted production.
Last year CNBC reported that India is exploring bringing some of Apple’s iPad production to the country from China.
Apple only has a 5% share of the Indian smartphone market, but CEO Tim Cook has long seen India as a potential area for growth.