According to a “Wall Street Journal” story, Foxconn recently said that it will lessen its reliance on mainland China as its major source of income. The chairman of Foxconn stated during the company’s results call on Wednesday that over 70% of the current revenue originates from mainland China. The proportion of markets originating from outside of mainland China will, however, increase in the coming years. Others with insider information say that by 2024, Foxconn plans to quadruple its workforce to 100,000. Also, the corporation will expand the number of assembled Apple Phones produced annually in India to 20 million. At the moment, the factory produces 6 million iPhones yearly.
Foxconn wants to build a new industrial facility in Karnataka, which is also the state where Chennai is located in Tamil Nadu. According to the source, this is where Apple iPhones and other products would be made. For the Indian semiconductor market, Foxconn is also planning to construct a new facility in Hyderabad as well as a factory to manufacture and package silicon carbide. Since Apple Inc. has attempted to accelerate the transition in its supply chain in recent years, India is unquestionably becoming a very perfect option in the opinion of many individuals. However replacing Chinese manufacture is still rather difficult. Several participants in the supply chain claim that these poor yield rates are just transitory. With additional advancement, perhaps there will be more iPhones made in India.
INDIA AND APPLE COULD FORGE A STRONG ALLIANCE
Although the U.S. is Apple’s home nation, due to costs, it is unable to do any meaningful production there. For many years, Apple’s production centre has been in China. The business needs fresh options, though, given the escalating hostilities between the United States and China. Similar to this, India has long promoted products that are Made In India. So, it would seem that Apple and India have the same goals. India wants to welcome important brands but Apple wants to leave China.