Apple Inc AAPL is planning to manufacture the iPhone 14 in India two months after the product's initial release, Bloomberg reported.
What Happened: Apple, which has been long eyeing expanding its production outside China, is in talks with the suppliers to ramp up manufacturing of its upcoming iPhone 14 in India, as per Bloomberg, which cited people familiar with the matter.
The move is also aimed at shortening the lag in production of the new iPhone from the typical six to nine months for previous launches. The report noted that its supplier Foxconn is using Indian operations to supplement its base in China.
Apple and Foxconn did not immediately respond to Benzinga's request for comment at press time.
Why It Matters: Chinese President Xi Jinping's zero-COVID policy and the lockdowns across his country disrupted production, causing delays for the tech giants.
Earlier, eminent Apple analyst Ming-Chi Kuo said his latest survey showed iPhone assembler Foxconn's India unit would ship the 6.1-inch iPhone 14 almost simultaneously with China for the first time in the second half of this year.
Price Action: According to data from Benzinga Pro, Hon Hai Precision Industry Co. Ltd HNHPF — better known as Foxconn — OTC shares closed 0.54% lower on Monday. Apple shares closed 2.30% lower at $167.57 apiece.
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