The big news is coming from India-China clashes (Apple is shifting its production out of China) while the Taiwanese company is associated with Foxconn. The company is in the process of expanding its factory in India, which is located in SriPerumbudur near Chennai. For this reason, the company is thinking of investing around 1 billion yen, or about Rs 7500 crore. Here Taiwanese contract manufacturers assemble Apple's iPhone.
The company's move is seen as a result of Apple looking to shift production away from China, as the Coronavirus has already sparked a trade war between Beijing and Washington. A source told news agency Reuters that on behalf of Apple, it has been asked by its clients to shift its production outside China and the effect is also being seen.
Another source said that Foxconn plans to invest in the Sriperumbudur plant, where the iPhone XR model is made. This investment will happen within 3 years. Other Apple models made by Foxconn in China will also be made in India. Foxconn is headquartered in Taipei, Taiwan, and the company's move will create about 6000 jobs at the Sriperumbudur plant. Let us know that this company also has a plant in Andhra Pradesh, in which the company makes smartphones for China's Xiaomi company.
Foxconn chairman Liu Yong Wee said last month that the company would increase its investment in India, but did not provide any detailed information. Apple owns 1% of the total smartphone sales in India, which is the second-largest smartphone maker in the world. The Apple company also assembles some of its models from Taiwan-based company Vistron Corp in Bangalore. Let us know that this company is about to start another new plant in which it will make some more Apple mobile phones.