Apple Supplier Eyes Second India Factory To Assemble Latest iPhones

·1 min read
  • 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.

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