Apple adding new iPhone manufacturing partner in India as it shifts from China: report
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Apple (NASDAQ:AAPL) has added another manufacturing partner in India to build its iPhone 14 devices in a move designed to continue shifting away from China, Bloomberg reported.
Taiwan-based Pegatron - which Apple (AAPL) already works with - is making iPhone 14 units in its factory in Tamil Nadu, India, the news outlet reported, citing people familiar with the matter. Pegatron also started making iPhone 12 units earlier this year and the news outlet added that the manufacturer generally receives orders for entry-level models.
Apple (AAPL) shares rose 2.5% in premarket trading on Friday.
The tech giant's other major manufacturing partner, Foxconn, also known as Hon Hai, is already producing some iPhone 14 units at its factory in Chennai, India, Apple (AAPL) confirmed previously.
Apple (AAPL) has been producing iPhone units in India since 2017, when it started with the iPhone SE.
The move comes after Foxconn has become the center of attention after its plant in Zhengzhou, China is at the forefront of a new COVID-19 lockdown due to rising cases in the city. Some workers have reportedly fled the plant, though Foxconn has reportedly offered bonuses to retain workers and keep building Apple (AAPL) iPhones.
Separately on Friday, TF International Securities analyst Ming-Chi Kuo tweeted that he expects Foxconn "will accelerate the expansion of iPhone production capacity in India after Zhengzhou iPhone plant's COVID-19 lockdown."
The well-known Apple (AAPL) watcher added that iPhones made by Foxconn in India could grow at least 150% year-over-year in 2023 and the long-term goal is to ship between 40% and 45% of iPhones from India, compared to the current 2% to 4%.
On Thursday, Morgan Stanley wondered whether September could mark the "bottom" for Apple's (AAPL) App Store, as October net revenue for the App Store fell 4% year-over-year, a 1 point improvement from the prior month.