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Tata plans new iPhone factory to hasten Apple’s India expansion; Set to employ 50000 workers

10Dec

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Technology

Tata plans new iPhone factory to hasten Apple’s India expansion; Set to employ 50000 workers

[ad_1] Conglomerate Tata Group plans to build one of India's biggest iPhone assembly plants, tapping Apple Inc.'s ambitions to increase manufacturing in the South Asian country.Tata wants to construct the factory in Hosur in the southern Tamil Nadu state, according to people with knowledge of the matter. The facility will likely have about 20 assembly lines and employ 50,000 workers within two years, according to the people, who declined to be named discussing unannounced plans. The goal is for the site to be operational in 12 to 18 months. The plant would bolster Apple's efforts to localize its supply chain and strengthen its partnership with Tata, which already has an iPhone factory it acquired from Wistron Corp. in the neighboring Karnataka state. Apple is diversifying its operations...

Apple to invest another $200 million in carbon removal fund

[ad_1] Apple Inc said on Tuesday it doubled its financial commitment to a fund it had established two years ago to invest in projects that remove carbon from the atmosphere.The iPhone-maker said it will invest up to an additional $200 million in its Restore Fund, which was created in 2021 with an initial $200 million commitment. The additional investment is expected to help the fund start new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said. Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030.The fund, launched with Goldman Sachs Group Inc and nonprofit Conservation International, has invested in forest properties in Brazil and Paragua...

Apple Blames Rotten Holiday Quarter on Supply Chain, Economy

[ad_1] Apple Inc. reported its worst holiday performance in four years after supply snags and a softening economy hurt iPhone sales, exposing cracks in what has been one of tech's most resilient companies. Revenue fell 5.5% to $117.2 billion in the December quarter, Apple's biggest sales period of the year, coming in well short of the average Wall Street estimate of $121.1 billion. It was Apple's first quarterly decline since 2019 and the first time the company has missed analysts' holiday sales projections since 2015. Shares fell 3% during premarket trading in New York on Friday, the morning after Chief Executive Officer Tim Cook discussed a rebound in China, which is emerging from strict Covid-19 rules. He also said Apple's production problems have subside...