Apple Supplier Eyes Second India Factory To Assemble Latest iPhones

Author: Anusuya Lahiri | March 24, 2023 09:29am

• Apple Inc's (NASDAQ:AAPL) Taiwanese supplier Pegatron Corp (OTC:PGTRF) weighs a second factory in India.
• Pegatron eyes a second facility near the southern city of Chennai in Tamil Nadu state, just six months after opening the first with an investment of $150 million, Reuters reports citing familiar sources.
• Reportedly, the new factory will assemble the latest iPhones.
• Pegatron accounts for 10% of Apple's iPhone production in India annually, per Counterpoint.
• Apple and its key suppliers have been migrating production away from China to avoid repercussions from Sino-U.S. frictions. Apple views India as the next growth frontier. 
• India is the second biggest smartphone market, where Apple also plans to assemble iPad tablets and AirPods.
• The discussions for a second Pegatron facility on lease are ongoing and likely to find a place inside Mahindra World City near Chennai, just around where the company inaugurated the first plant in September 2022.
• The new factory will be smaller than the first one.
• Price Action: AAPL shares traded lower by 0.11% at $158.75 premarket on the last check Friday.

Posted In: AAPL PGTRF