India-Made iPhone Exports Meets With Success As China's COVID-19 Lockdowns Weigh
Apple Inc's (NASDAQ: AAPL) iPhone exports from India crossed $1 billion in the five months since April.
At the current rate, outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, Bloomberg reports.
That's almost double the $1.3 billion worth of iPhones India exported in the year through March 2022.
Apple, which long made most of its iPhones in China, sought alternatives as China clashed with the U.S. government and imposed lockdowns across the country that have hindered economic activity.
India manufactured 3 million iPhones in 2021, versus 230 million in China.
Apple's critical contract manufacturers Foxconn Technology Co, Ltd (OTC: FXCOF), Wistron Corp (OTC: WICOF), and Pegatron Corp (OTC: PGTRF), currently make iPhones at plants in Southern India. All three won manufacturing incentives under a federal government plan.
The devices exported from India from April to August this year comprise iPhone 11, 12, and 13 models, and exports of the new 14 line will begin soon.
Beyond smartphones, India chalked out plans to boost the financial incentives for tablet and laptop makers.
Alphabet Inc (NASDAQ: GOOG (NASDAQ: GOOGL) Google urged Indian manufacturers to submit bids to assemble up to 1 million units of its Pixel smartphones. China's strict COVID-19 lockdown caused massive production delays for Google.
Vedanta Ltd and Foxconn shared plans to invest $19.5 billion to set up semiconductor plants in India.
Price Action: AAPL shares traded higher by 1.73% at $144.90 in the premarket on the last check Tuesday.
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