iPhone maker Foxconn is accelerating its move away from China with plans to double its investment in India.
The Taiwan-based Apple Inc (NASDAQ:AAPL) contractor already has an iPhone factory in the state of Tamil Nadu employing 40,000 people, but in a LinkedIn post Foxconn's India head V Lee said by this time next year it wants to see a “doubling of employment, FDI (foreign direct investment), and business size in India”.
Apple's new iPhone 15s will largely be made in India due to cost and also growing tensions between China and Western governments over Taiwan, technology and support for Russia.
In August, Foxconn said it would invest US$600 million in two plants making cases and chip components for iPhones, while last month chairman Liu Young-way said: "Several billion dollars in investment [in India] is only a beginning."