Type of Content
Approved Story
1
Format
Region
News Item Format
Standard
Autocurated
0
“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Apple CEO Tim Cook said in May last year.
His comments underscore one reason Apple has recently made an aggressive play to expand operations in India: the country has a huge population, with a growing middle class willing to splash out more on high-end phones.
But it’s not just about sales for Apple. The tech giant has also boosted its manufacturing footprint in India, via Foxconn, the Taiwanese firm that assembles iPhones. Apple now makes around 1 in 7, or 14%, of its iPhones in India, according to a Bloomberg report this month.
Last year, an Indian government minister said Apple was looking to eventually manufacture 25% of all of its iPhones in India.
It’s led many investors to wonder whether India can become the next China for Apple.