Taiwanese electronics major Foxconn has reportedly begun the production of Apple’s upcoming iPhone 15 in Tamil Nadu, India as the smartphone giant looks to close the gap between shipments from India and China.
What Happened: The manufacturing of the latest edition of the iPhone is taking place at a Foxconn plant in Sriperumbudur, the Times of India reported. The latest move aligns with Apple’s ongoing efforts to diversify its manufacturing away from China, as it looks to mitigate supply chain risks.
Apple will also begin producing its AirPods at Foxconn’s facility in Hyderabad, according to a separate report by Press Trust of India.
Apple’s expansion in India, largely facilitated by its Taiwanese suppliers, has been supported by financial incentives from the government. This has led to a substantial increase in iPhone production, exceeding $7 billion (₹58,190 crore) in India for the fiscal year ending in March.
Apple CEO Tim Cook affirmed Apple’s commitment to investment in India after he met with Prime Minister Narendra Modi during a visit to India in April. It was previously reported that Apple aims to manufacture 15 million iPhone 15 units in India this year, which would make up 20% of its global production.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
The Tata Group has also previously been reported to have been entrusted with manufacturing iPhone 15 and iPhone 15 Plus models in India.
Anticipated to be unveiled around September 12, the iPhone 15 will have significant camera upgrades and improved processors, particularly for its Pro models. Apple will bank heavily on the new launch as it recently reported declining sales for the third consecutive quarter due to subdued consumer demand in key markets like the US, China, and Europe.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.