Apple Plans To Scale Up Production By 5 Times In India, $40 Bn In Next 4-5 Years: Report
According to reports published on Sunday, Apple intends to increase iPhone production in India by a factor of five within the next four to five years, from USD 10 billion to USD 40 billion.
The iPhone maker reportedly made more than $7 billion in the last fiscal year, according to the report.
Apple's iPhones are made in India, and next year the company expects to begin creating AirPods there as well. The company, however, has no current plans to expand iPad or laptop production into India.
Furthermore, the source emphasized that Apple will not take part in IT hardware PLI programs. According to the study, these developments are possible in the future, but for now the corporation is focused on increasing production.
Meanwhile, the tech giant made a substantial sale in the fiscal year that concluded on 25 September 2022, as it prepared for its five-fold strategy. Worldwide, the business made USD 191 billion from sales of its iPhones and USD 38.36 billion from sales of its other goods in the wearable, home, and accessories markets.
Sales of iPhones fell by nearly 4% to USD 156.77 billion in the first nine months of the current fiscal year, while sales of other Apple products, including those for the home and body, fell by around 1% to USD 30.52 billion. The company now dominates India's mobile phone export market.