Apple Inc (AAPL)

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Apple assembler Foxconn to invest $500 million in India’s Telangana state, create 25,000 jobs
Monday, May 15, 2023 8:45 am

Major Apple assembler Foxconn will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, the state’s IT minister said on Monday.

Reuters:

The investment will create 25,000 jobs in the first phase, K. T. Rama Rao said in a tweet.

Apple has been shifting production away from China, where prior COVID restrictions disrupted the manufacturing of new iPhones and other devices. The tech company is also looking to avoid a hit to its business due to tensions between Beijing and Washington.

Foxconn in late March received approval from the Karnataka government for a $968 million investment in the state.

MacDailyNews Take: The CCP’s “zero COVID” lunacy was the straw that broke the camel’s back and, clearly, India is well-positioned to take advantage.

MacDailyNews Note: iPhone models are currently assembled in India by Foxconn and Pegatron in Tamil Nadu and Wistron in Karnataka.

https://macdailynews.com/2023/05/15/apple-assembler-foxconn-to-invest-500-million-in-indias-telangana-state-create-25000-jobs/