Apple's Largest iPhone Supplier Investing $500 Million in India as Supply Chain Diversification Continues
Foxconn, Apple's largest supplier, has invested $500 million in India to bolster its production capabilities in the country as the Cupertino tech-giant and its partners ramp up efforts to diversify the supply chain, South China Morning Post reports.
The report cites documents filed in the Taiwan Stock Exchange which show that Foxconn has invested $500 million into its Indian subsidiary in hopes of increasing its production capacity in India. Foxconn already has an existing presence in the country, producing select iPhone models, including the iPhone 14 with reported plans to make other products, such as the iPad.
The Wall Street Journal reported last week that Apple was making more aggressive plans to move its supply chain solely out of China and into other countries such as India and Vietnam. Apple warned last month that the supply of iPhone 14 Pro models would be heavily constrained due to ongoing disruption to Foxconn's iPhone production plants in China.
Ahead of the holidays, the supply of Apple's highest-end iPhone models remains heavily limited, with the company's online store estimating a three-week wait for customers looking for the latest iPhone. Apple CEO Tim Cook said during the company's last earnings call that it's "working hard" to meet the demand for the iPhone 14 Pro and iPhone 14 Pro Max.
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