Apple, Foxconn said to lobby for more liberal labor laws in Indian state
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Apple (NASDAQ:AAPL) and its manufacturing partner Foxconn reportedly successfully lobbied for more liberal labor laws in the Indian state of Karnataka.
The legislation supported by Foxconn, also known as Hon Hai Precision (OTCPK:HNHPF), and Apple (AAPL), now allows 12-hour shifts and night-time work for women, similar to what occurs in China, according to the Financial Times, which first reported the news.
Both Foxconn and Apple (AAPL) have worked to move production of the tech giant's devices away from China amid the country's COVID-related lockdowns last year and increased disagreements between the U.S. and China.
In December, Apple (AAPL) was reportedly discussing moving some production of its iPad tablet to India in an effort to continue diversifying away from China.
Cupertino, California-based Apple (AAPL) confirmed this past September it was assembling some of its iPhone 14 smartphone line in India.
Last year, investment firm J.P. Morgan suggested Apple could shift a quarter of its iPhone production to India by 2025 and expected 5% of its iPhone production this year to move to the country.
Apple (AAPL) shares fell 0.7% to $149.53 in early Friday trading.
On Friday, Apple (AAPL) shares were downgraded by LightShed Partners on worries over a "more conservative" outlook for iPhone sales and slowing Services growth.