Foxconn confirmed it will begin mass production of high-end iPhones in India this year:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Apps and Platforms Briefing subscribers.Apple's largest iPhone manufacturer, Foxconn, confirmed that it will begin mass production of high-end iPhones in India this year, according to Foxconn Technology Group Chairman Terry Gou,Terry Gou, founder and chairman of Foxconn, attends a forum on industrial internet at the fifth WIC in Wuzhen.
It will cut the cost of iPhones for consumers in the country. India has some of the highest markups on devices in the world due to aimport tax, which jumped from 15% in early 2018. For instance, the $999 64GB iPhone XS goes for approximately $1,424 in India. The move should help boost sales of the iPhone models in India that weren't previously assembled in the country due to their lower costs.
It'll facilitate Apple's retail ambitions in India, which is also necessary for improving brand perception in the country. Due to government regulations, Apple can only operate retail stores in the region if it sources at least 30% of its materials locally, which it currently doesn't do.
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