A Bloomberg report details how Apple Inc., the tech giant behind the sought-after iPhones and iPads, plans to expand its India production more than fivefold over the next five years. According to the Press Trust of India (PTI), it received insights from government officials that Apple is aiming to reach production levels of approximately $40bn.
Apple steps up production in India with $40bn
In its last financial year, the company achieved more than $7bn in production in India. Apple has not yet responded to confirm these speculations.
India is Apple’s base for the manufacture of iPhones. Rumours have it that the company also plans to start making Airpods in this country.
In an earlier Bloomberg interview this month, India’s Junior Minister for Technology, Rajeev Chandrasekhar, said the country set a $300bn expansion target for 2026 for its electronics industry. The goal is to counter the risk of China’s market monopolisation.
This month saw the release of the highly anticipated iPhone 15. The new design abandoned Apple’s signature lightning-fast port in favour of the more universally friendly USB-C port to charge this mobile phone. The European Union (EU) mandated that all phones feature these ports by 2024, so Apple complied.
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The company closed the week’s trading on Friday at $174.79, a 0.49% gain after a drop shortly after the iPhone 15 release. Some expected market fireworks in the wake of this release, but things remained rather stale and flat.
Despite this, Apple remains a strong competitor in the tech investment arena.
