Hon Hai Precision Industry, the main manufacturer of Apple’s iPhones, will inject US$1.5 billion into its India unit as production shifts away from China.
Advertisement
The Taiwan-based company, known internationally as Foxconn, 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, did not 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 had 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.
Advertisement
Apple makes most of its iPhones in China and has no smartphone production in the US – though it has promised to hire more workers at home and pledged to spend US$500 billion domestically over the next four years.