Apple partner Hon Hai injects $1.5 billion into India unit
Hon Hai Precision Industry
Co., the main manufacturer of
Apple Inc
.'s iPhones, will inject $1.5 billion into its India unit as production shifts away from China.
The Taiwan-based company said in an exchange filing on Monday that it had made the investment through its Singaporean subsidiary. Hon Hai, which is building new plants and adding production capacity in southern India, didn't immediately respond to an emailed request for comment.
Apple is looking to import most of the iPhones it sells in the US from India by the end of next year, drawing the wrath of US President
Donald Trump
, who said last week he'd asked Apple Chief Executive Officer
Tim Cook
to stop building plants there.
Trump's comments accelerate a shift beyond China to mitigate risks related to tariffs and geopolitical tensions. Apple makes most of its iPhones in China and has no smartphone production in the US — though it's promised to hire more workers at home and pledged to spend $500 billion domestically over the next four years.
Hon Hai is also increasing its investments in the US to mitigate geopolitical risks such as the impact of further tariffs.
The bulk of India-made iPhones are assembled at Hon Hai's factory in southern India. Tata Group's electronics manufacturing arm, which bought Wistron Corp.'s local business and runs Pegatron Corp.'s operations in India, is another key supplier.
Apple assembled $22 billion worth of iPhones in India in the 12 months through March, increasing production by nearly 60% over the previous year.
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