Note: See India ADRs, India ETFs and India Closed-End Funds.
- The consequences of China’s zero-COVID policy is an “absolute gut punch for Apple in its most important holiday quarter,” Dan Ives, managing director at investment firm Wedbush Securities, tweeted last week. “We estimate this negatively impacting roughly 3% of iPhone sales this quarter based on…China production [and] supply issues. The albatross continues in China,” he said.
- “Foxconn moving production to India from China is also about getting closer to a high-growth market, rather than, say, following U.S. policy signaling to contain China,” Terry said. Apple also wants to dominate India’s fast-growing high-end smartphone market, which is expected to hit 10% next year from 7%, Pathak said.
- Apple isn’t alone in diversifying its production to India. Rivals like Samsung, Xiaomi, and Google (which makes the Pixel smartphone), are also shifting production to India. From 2021 to 2022, India’s smartphone production surged 126%, making the country the world’s second-biggest smartphone manufacturer behind China.Companies like “Apple, Abbott, Boeing-Tata, Flex, Pratt & Whitney…are just the start of this wave” of multinationals shifting to India, Gunjan Bagla, India managing director at business consultancy Amritt and business professor at Arizona State University, told Fortune. READ MORE
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