Foxconn Technology is kicking off production of Apple’s (NASDAQ:AAPL) upcoming iPhone 15 in Tamil Nadu, India, intending to have the devices ready just a few weeks after Chinese factories start shipping them, as per sources cited by Bloomberg. Apple’s strategy is to decrease the production time difference between its operations in India and its primary base in China. Previously, iPhones from India trailed Chinese production by six to nine months. Yet, as of last March, Apple had reduced this lag, producing 7% of its iPhones in India. Apple’s broader vision involves diversifying its manufacturing away from China, especially given the fluctuating trade environment due to U.S.-China tensions.
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The iPhone 15’s production volume in India is contingent on component availability, largely imported, and the acceleration of Foxconn’s production lines near Chennai. This new iPhone model, rumored to launch on September 12, is touted to be Apple’s most significant upgrade in years, including a potentially improved 3-nanometer A16 processor. This comes on the heels of reports that Taiwan-based Foxconn plans to invest $350M in a new unit in Karnataka, further emphasizing Apple’s commitment to India.
Is Apple Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 22 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $208.13 per share implies 16.83% upside potential.
