
NEW DELHI: Apple CEO Tim Cook on Friday said that the company is expanding its manufacturing in India to meet both domestic demand and global export needs.
During a call with investors discussing the company's quarterly results, Cook also expressed his enthusiasm for the Indian market. In 2024, Apple surpassed the Rs 1 trillion mark for iPhone exports from India, achieving record outbound shipments of USD 12.8 billion (Rs 1.08 trillion), reflecting a 42% year-on-year increase.
“Yeah, if you look at the manufacturing we do there, we do manufacturing both for the domestic market, and we export. And so, in -- our business needs a certain economies of scale for it to make sense to manufacture in-country. And so, that really means that we're going to be both a use for the domestic market and an export market,” said Cook.
The company has been diversifying its manufacturing from China to India, largely due to the ongoing trade tensions between the U.S. and China. Apple now aims to source around 25% of its total manufacturing from India.
Cook also revealed that India set a new record for the December quarter and that the company is planning to open four more stores in the country. While Apple currently holds a modest share in India, it aims to grow its presence in the market.
“We have great results in a number of emerging markets. And as you know, from past calls, I'm particularly keen on India. India set a December quarter record during the quarter. And we're opening more stores there,” said Cook.
Additionally, Cook stated that the iPhone was the top-selling model in India during the quarter. India, which is the second-largest smartphone market in the world and the third-largest for PCs and tablets, presents a significant opportunity for Apple, given its modest current share in these markets.
“And we have very modest share in these markets, and so I think there's lots of upside there,” he added.
Apple reported a remarkable USD 124.3 billion in revenue for the year-end holiday quarter, although sales growth fell short of market expectations as the iPhone faces intense competition, particularly in China. However, the company’s shares surged more than 3% in after-hours trading on Thursday after it forecast higher-than-expected sales for the upcoming quarter.