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Apple Inc (NASDAQ:AAPL) is now looking forward to increasing its production outside China.
What Happened: Apple is reportedly telling some of its manufacturers that due to persisting stringent COVID norms across China, it now wants to boost production outside of the country. The Wall Street Journal reported.
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In the past months, Apple's supply chain has taken a hit due to the ongoing COVID restrictions in the country. WSJ also notes that the company is considering the risk involved if relations sour between China and the U.S.
Also Read: Apple Store Workers At Grand Central Terminal In NYC Take Steps To Unionize
More than 90% of Apple products such as iPhones, iPads, and MacBook laptops are manufactured in China.
Earlier in April, WSJ quoted Apple's Chief Executive Officer Tim Cook saying, "Our supply chain is truly global, so the products are made everywhere. We continue to look at optimizing."
The Journal reported that Apple considers India as a promising alternative to China to expand production, because of its low costs and large population.
According to Benzinga Pro data, Apple closed Friday's session up 0.17% at $137.59.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.