Apple's $4.4B India Play: The Secret iPhone Shift That's Reshaping U.S. Supply Chains
Apple (NASDAQ:AAPL) is ramping up its India productionand fast. From January through May 2025, Foxconn (FXCOF) shipped $4.4 billion worth of India-assembled iPhones to the U.S., already beating 2024's full-year total of $3.7 billion. Between March and May, a staggering 97% of Foxconn's $3.2 billion exports went straight to the U.S., compared to just 50% last year. The push isn't subtle: Apple has been flying out iPhone 13, 14, 16, and 16e models on chartered planes and pressing Indian officials to cut customs clearance at Chennai airport from 30 hours down to six.
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This shift comes as Apple looks to de-risk from China ahead of what could be another round of sweeping tariffs. Donald Trump has floated a 55% duty on Chinese goods and slammed Apple's expansion into India, reportedly telling CEO Tim Cook, We are not interested in you building in India. India, meanwhile, is trying to dodge a separate 26% reciprocal tariff on top of its standard 10%. With the stakes this high, Apple's move to reroute its supply chain through India could be less about costand more about survival. It's also about time. Apple still sells 60 million iPhones a year in the U.S., with about 80% made in China.
Tata Electronics, Apple's smaller Indian partner, is also stepping up. Nearly 86% of its March and April shipments went to the U.S., up from 52% across 2024. Analysts at Counterpoint Research believe India-made iPhones could hit 2530% of Apple's global shipments this yearup from just 18% in 2024. But India's still an expensive bet. High import duties on components make local assembly far from cheap. Still, Apple appears willing to absorb the extra costs in exchange for agility. The numbers suggest this isn't a trial run. It's a full pivot.
This article first appeared on GuruFocus.
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