Apple Inc 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.
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.
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.
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