Market News

AAPL Continues to Pivot to India

Apple (NASDAQ: AAPL) could be looking at India to make up 25% of its iPhone production from the current range of 5% to 7%, Indian trade minister Piyush Goyal stated at a conference on Monday, according to Reuters.

The minister stated, “They [Apple] are already at about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing. They launched the most recent models from India, manufactured in India.”

Apple began the assembly of the iPhone in India in 2017 through Wistron and later through Foxconn. Late last year, Foxconn announced its plans to quadruple its workforce in India over the next two years.

The tech giant is increasingly looking at moving its production away from China as the country battles rising COVID-19 cases and strict lockdowns and resulting restrictions hampered production.

Analysts are bullish about AAPL stock with a Strong Buy consensus rating based on 22 Buys and five Holds.

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