Rating agency Moody's said, Apple's smart move to make iPhone in India, Made in India iPhone in two weeks
Apple iPhone 14 The iPhones made in India will be for both the Indian market and exports. The iPhone 14 will be shipped from Foxconn's Sriperumbudur facility located in Chennai. Foxconn is the world's largest contract base electronics manufacturer and iPhone assembler.
Apple iPhone 14: Moody's Investors Service has said that manufacturing of the iPhone 14 in India within weeks of its worldwide launch reflects the maturity of Apple's manufacturing capabilities. Moody's also estimates that making the iPhone in India will boost Apple's sales as well.
According to a note by Moody's, the sheer size of the smartphone market and strong growth prospects make India an attractive and long-term market for Apple with its 5G network. Talking to news agency PTI, Moody's Senior Vice President of Corporate Finance Group Raj Joshi said that Apple's plan to manufacture iPhone 14 products in India is beneficial for it. This will diversify the company's manufacturing base. At present it is dominated by China.
Apple's stake is less than five percent
On Apple's plan to manufacture iPhone 14 products in India, Moody's further said that Apple has started manufacturing iPhones in India from 2017. It is expected to grow rapidly.
Apple's share of the smartphone market in India is less than five percent. It is the second largest smartphone market by unit volume, and iPhone sales in India nearly doubled in the June 2022 quarter compared to the previous year. Moody's comment assumes significance in the context that Apple has started manufacturing in India just days after launching its new iPhone 14. These days many tech companies are using India as a better option outside China.
Made in India phone will come in two weeks
Made-in-India iPhone 14 will start reaching local customers in the next few days. Let us tell you that this time production in India, the world's second largest smartphone market, started within a few weeks of the device's launch on 7 September. Apple began manufacturing iPhones in India in 2017 with the iPhone SE. Apple now manufactures some of its best iPhones in India, including the iPhone SE, iPhone 12, iPhone 13 and now the iPhone 14.