Apple Inc. AAPL added a new iPhone 14 maker in India as the company eyes shifting its production base outside China due to Xi Jinping's strict COVID-19 policies.
What Happened: Apple's Taiwanese contract manufacturer Pegatron Corp has begun assembling the new iPhone 14 series in India, Bloomberg News reported, citing people familiar with the matter.
Apple did not immediately respond to Benzinga’s request for comment.
The development comes days after chaos erupted at Foxconn's Zhengzhou plant after many of its about 200,000 workers fled the production site over tighter COVID-19 curbs to contain the spread of the virus within the facility.
Although Foxconn said the situation was being controlled and would coordinate backup production with other plants to reduce potential impact, according to reports, iPhone’s November shipments from one of its oldest and largest suppliers are expected to see a 30% decline.
Foxconn had already begun production of the iPhone 14 in India in September.
Eminent Apple analyst Ming Chi Kuo, who earlier predicted that India would ship the new iPhone 14 almost “simultaneously” with China, in September said the line’s mass production schedule in the country still lacks about six weeks behind China.
Kuo also said the “next iPhone 15 will be manufactured in India and China simultaneously.”
Price Action: Apple closed Thursday's session down 4.24% at $138.88, according to Benzinga Pro data.
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