Apple supplier Foxconn invests $500 million in India despite supply chain disruptions at its key iPhone plant in China. TechCrunch reported quoting a company stock exchange filing in Taiwan where it said Foxconn’s Singapore subsidiary is investing the capital in Hon Hai Technology India Mega Development Pvt Ltd. This is part of Apple’s efforts to ramp up manufacturing plans for both iPhones and iPads in India and Vietnam. The China unrest over the Zero-Covid policy has caused this shift. The policy severely disrupted Apple’s supply chain, leading to a sharp shortage of new iPhone 14 Pro models.
According to reports, Foxconn’s Zhengzhou factory last month saw violent protests and Apple is no longer comfortable having so much of its business tied up in one place. India is one of its alternatives. Apple aims to ship 40-45 percent of iPhones from India compared with the current single-digit percentage. According to J.P. Morgan, every fourth iPhone will be made in India by 2025. Earlier this year, Apple started the production of the new iPhone 14 in India. Apple’s ‘Make in India’ iPhones may account for close to 85 per cent of its total iPhone production for the country this year, according to industry experts. With the iPhone 14 series, India expects Apple’s iPhone production to jump from 7 million in 2021 to around 12-13 million in 2022. India is also aiming to achieve self-reliance in semiconductor manufacturing.
