From Reuters' "Apple may move a quarter of iPhone production to India by 2025" posted early Wednesday:
Apple may make one out of four iPhones in India by 2025, J.P.Morgan analysts said on Wednesday, as the tech giant moves some production away from China, amid mounting geopolitical tensions and strict COVID-19 lockdowns in the country.
The brokerage expects Apple to move about 5% of iPhone 14 production from late 2022 to India, which is the world's second-biggest smartphone market after China.
It is also estimating about 25% of all Apple products, including Mac, iPad, Apple Watch and AirPods, to be manufactured outside China by 2025 from 5% currently...
"Taiwanese vendors such as Hon Hai and Pegatron play a key role in the relocation to India. In the medium to long term, we also expect Apple to qualify local India manufacturing suppliers," according to J.P.Morgan analysts led by Gokul Hariharan, who is rated 4 out of 5 for estimates accuracy.
A Bloomberg report said earlier this month that Indian conglomerate Tata Group was in talks with Wistron to establish a joint venture to assemble iPhones in the country amid Apple's plans to cut production lag with China.
My take: I've asked my J.P. Morgan contacts to see a copy of the note. Gokul Hariharan is new to me. According to TipRanks, he hasn't written about Apple since 2020.