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Apple 'Hopeful' About Future iPhone Manufacturing in India
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On Wednesday, Apple (AAPL - Free Report) executives met with government officials of India to discuss plans about manufacturing iPhones in the country.
Like many tech corporations—think Amazon (AMZN - Free Report) and Netflix (NFLX - Free Report) —Apple is eager to begin assembling its iPhone in India, which has become one of the world’s fastest growing smartphone markets in recent years. Apple currently only has a tiny market share in the country, and is ready to start bolstering its stagnate global sales. The company even applied to open retail stores in India last year.
"We've been working hard to develop our operations in India," Apple said in a brief statement. "We appreciate the constructive and open dialogue we've had with government about further expanding our local operations."
The tech giant’s plans to set up an iPhone production plant was initially reported on by Times of India. The newspaper reported that the factory would be built in partnership with Taiwan-based manufacturer Wistron.
According to CNNMoney, India has over 300 million smartphone users, or 18% more than last year. Apple, then, has much to gain if it can build a successful iPhone production plant in the country. However, Apple’s products are not cheap, and most of India’s 1.3 billion people have an average annual income of $1,500.
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Apple 'Hopeful' About Future iPhone Manufacturing in India
On Wednesday, Apple (AAPL - Free Report) executives met with government officials of India to discuss plans about manufacturing iPhones in the country.
Like many tech corporations—think Amazon (AMZN - Free Report) and Netflix (NFLX - Free Report) —Apple is eager to begin assembling its iPhone in India, which has become one of the world’s fastest growing smartphone markets in recent years. Apple currently only has a tiny market share in the country, and is ready to start bolstering its stagnate global sales. The company even applied to open retail stores in India last year.
"We've been working hard to develop our operations in India," Apple said in a brief statement. "We appreciate the constructive and open dialogue we've had with government about further expanding our local operations."
The tech giant’s plans to set up an iPhone production plant was initially reported on by Times of India. The newspaper reported that the factory would be built in partnership with Taiwan-based manufacturer Wistron.
According to CNNMoney, India has over 300 million smartphone users, or 18% more than last year. Apple, then, has much to gain if it can build a successful iPhone production plant in the country. However, Apple’s products are not cheap, and most of India’s 1.3 billion people have an average annual income of $1,500.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>