Apple adding new iPhone manufacturing partner in India as it shifts from China: report - Seeking Alpha

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Apple (NASDAQ:AAPL) has added different manufacturing spouse successful India to physique its iPhone 14 devices successful a determination designed to proceed shifting distant from China, Bloomberg reported.

Taiwan-based Pegatron - which Apple (AAPL) already works with - is making iPhone 14 units successful its mill successful Tamil Nadu, India, the quality outlet reported, citing radical acquainted with the matter. Pegatron besides started making iPhone 12 units earlier this twelvemonth and the quality outlet added that the shaper mostly receives orders for entry-level models.

Apple (AAPL) shares roseate 2.5% successful premarket trading connected Friday.

The tech giant's different large manufacturing partner, Foxconn, besides known arsenic Hon Hai, is already producing immoderate iPhone 14 units astatine its mill successful Chennai, India, Apple (AAPL) confirmed previously.

Apple (AAPL) has been producing iPhone units successful India since 2017, erstwhile it started with the iPhone SE.

The determination comes aft Foxconn has become the halfway of attraction aft its works successful Zhengzhou, China is astatine the forefront of a caller COVID-19 lockdown owed to rising cases successful the city. Some workers person reportedly fled the plant, though Foxconn has reportedly offered bonuses to clasp workers and support gathering Apple (AAPL) iPhones.

Separately connected Friday, TF International Securities expert Ming-Chi Kuo tweeted that helium expects Foxconn "will accelerate the enlargement of iPhone accumulation capableness successful India aft Zhengzhou iPhone plant's COVID-19 lockdown."

The well-known Apple (AAPL) watcher added iPhones made by Foxconn successful India could turn astatine slightest 150% year-over-year successful 2023 and the semipermanent extremity is to vessel betwixt 40% and 45% of iPhones from India, compared to the existent 2% to 4%.

On Thursday, Morgan Stanley wondered whether September could people the "bottom" for Apple's (AAPL) App Store, arsenic October nett gross for the App Store fell 4% year-over-year, a 1 constituent betterment from the anterior month.