Apple (NASDAQ:AAPL), the tech giant, has informed its component suppliers that it intends to source batteries for its iPhone 16 from Indian factories, according to a Financial Times report. Apple has asked one of its battery suppliers, Desay of China, to set up new factories in India. Likewise, one of its Taiwanese battery suppliers, Simplo Technology, has been asked to ramp up its battery production in India.
The report quoted someone saying, “If all goes well with iPhone 16 battery supply, Apple plans to move more iPhone battery production to India.” Separately, the Indian government announced this week that TDK, a Japanese supplier for Apple, “was setting up a 180-acre facility in Manesar in the state of Haryana to build battery cells that would be used in Indian-made iPhones.”
TDK expects to start the production of batteries at its Indian plant in 2025.
Is AAPL Stock a Buy?
Analysts remain bullish about AAPL stock with a Strong Buy consensus rating based on 25 Buys and eight Holds. Year-to-date, AAPL stock has surged by more than 50%, and the average AAPL price target of $201.99 implies an upside potential of 4.4% at current levels.
