Apple is building a new iPhone factory in India as it shifts some production there from China.

Closing Bell

Apple Shifts iPhone Production To India With New Factory

Apple, the company increasing production based in India and away from China. Indian government officials saying a new facility in the southern part of the country will assemble iphones. Well, multiple iphone suppliers including Taiwan's Foxconn already produce iphones in India and Bloomberg reporting that Foxconn is investing about $700 million in local production for the new factory expected to create up to 100,000 jobs in the next decade. Well, Apple has increasingly moved production out of China due to prolonged COVID lockdowns that hindered manufacturing operations as well as rising tensions between the US and China. Now separately, apple getting a boost today after Morgan Stanley reiterated the tech giant as a topic despite challenges that stock leading the way of 3.4% and the firm upping its price target on the stock by $5, not a major move but still again, a vote of confidence. So analysts now predicting apple shares will jump more than 20% in these next 12 months. That would be a healthy game.