HNHPF - Foxconn to raise workforce at Indian iPhone plant by four times in next two years: report
Foxconn, also known as Hon Hai Precision ( OTCPK:HNHPF ), will increase the number of workers at its plant in India that builds iPhones for Apple ( NASDAQ: AAPL ) by a factor of four over the next two years, Reuters reported .
The news outlet, citing two government officials with knowledge of the matter, noted that the India plant is part of Foxconn and Apple's ( AAPL ) plans to shift production out of China. Reuters added that Foxconn will raise its workforce at its plant in Tamil Nadu to 70,000, adding an additional 53,000 workers.
Apple ( AAPL ) said recently that some iPhone 14 production would occur in India.
Earlier this week, Apple ( AAPL ) warned of lower iPhone 14 shipments because of COVID-19 lockdowns in Zhengzhou, China at one of Foxconn's assembly facilities. "The facility is currently operating at significantly reduced capacity," Apple said.
In September, investment firm J.P. Morgan suggested Apple could shift a quarter of its iPhone production to India by 2025 and expected 5% of its iPhone production this year to move to the country.
Apple ( AAPL ) has been producing iPhone units in India since 2017, when it started with the iPhone SE.
On Thursday, Foxconn, one of Apple's ( AAPL ) largest partners, said it would tweak production levels to prevent COVID-19 lockdowns at its Zhengzhou, China plant from negatively impacting holiday orders .
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Foxconn to raise workforce at Indian iPhone plant by four times in next two years: report