Foxconn Plans Major Expansion in India with 30M iPhones Set for Production

GuruFocus.com04-01

April 1 - Foxconn Technology (FXCOF) is reported to ramp up iPhone production in India this year, aiming to assemble 25 million to 30 million units, more than double the 12 million produced in 2023, according to The Economic Times. This expansion comes as Apple (NASDAQ:AAPL) looks to shift more of its manufacturing operations away from China.

Warning! GuruFocus has detected 6 Warning Signs with FXCOF.

Foxconn's new Bengaluru facility in Karnataka is at the heart of this push. After a few months of trial runs, the facility is preparing to meet Apple's high-quality standards and scale production. If all goes well, Foxconn will soon enter the next phase, where it will start preparing phones for shipment.

Once the trials succeed, Foxconn will enter the 'revenue build' phase, preparing for full-scale shipments. In 2024, Foxconn expects to produce 21% to 25% of Apple's iPhones in India, compared to just 12% to 16% last year, according to analyst Lori Chang from Taiwan's Isaiah Research.

Foxconn's expansion in India demonstrates broader corporate objectives as sources predict server sales will eclipse iPhone revenue generation by the year 2024.

Foxconn and Apple haven't responded to comment requests yet.

This article first appeared on GuruFocus.

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