Foxconn to Begin Manufacturing iPhones in Karnataka, India by April 2024
Foxconn, the largest supplier of Apple products, will begin manufacturing iPhones in Karnataka, India by April 2024, according to the Karnataka State Government.
The project is expected to create over 50,000 job opportunities.
Taiwan-based Foxconn has been manufacturing older versions of iPhones in the neighboring state of Tamil Nadu since 2017.
In June, the company announced that it had purchased 1.2 million square meters of land near Bengaluru city in Karnataka, with plans to invest $700 million on a new factory.
The Karnataka State government revealed that the project is valued at $1.59 billion and that the land will be handed over to the company by July 1.
The factory will have the capacity to manufacture 20 million iPhones per year, which is part of Foxconn's plan to diversify its supply chains away from China, as trade tensions rise between the US and China.
The iPhone maker currently accounts for only 5% of total iPhone production in India.
The Indian smartphone market is dominated by cheaper South Korean and Chinese smartphones, which have been challenging Apple's market share in the country.
In April, Apple CEO Tim Cook launched the company's first two Apple Stores in India.
The move is seen as a strategic step by Apple to increase its presence in the country and compete with other global smartphone brands.
In conclusion, Foxconn's decision to manufacture iPhones in Karnataka, India is expected to create thousands of jobs and boost the local economy.
The move is also seen as a strategic step by Apple to expand its supply chain and compete in the Indian smartphone market.