Apple Inc has assembled $14 billion worth of iPhones in India in fiscal 2024, according to a report by Bloomberg News.
Apple now makes as much as 14% or about 1 in 7 of its marquee devices from India, the report said, citing people familiar with the matter.
Foxconn assembled nearly 67 percent while Pegatron Corp made about 17 percent of the India-made iPhones, the Bloomberg report added.
The remaining was made by Wistron Corp's Karnataka plant which the Tata Group took over last year.
Apple is increasingly looking to diversify its supply chain beyond China amid geopolitical tensions between Beijing and Washington.
Apple shipped over 10 million iPhones in 2023 to India, securing the top revenue position for the year, pipping its Korean rival Samsung, according to a report from Counterpoint Research.
China remains the largest iPhone-making hub in the world.
According to a Reuters report, Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility, located near Chennai to the Tata Group.
The Indian consumer goods conglomerate is also building another plant in Hosur in Tamil Nadu, with Pegatron likely to emerge as its joint venture partner.
Also Read | The iPhone effect: India may emerge as third largest market for Apple
With agency inputs
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
