Electronics
Apple India business value exceeds ₹2 lakh Cr. How did it reach there?
In fiscal 2024, Apple Inc. achieved a business value exceeding ₹2 lakh crore in India, driven by increased iPhone exports and domestic sales of products like MacBooks, iPads, and Watches. Apple's growth is notable for its rapid expansion in production and exports, likely the fastest by any company in India in the past 50 years. Key factors include leveraging the Production-Linked Incentive (PLI) scheme, strategically choosing manufacturing locations in South India, and enhancing sales through revamped distribution strategies and premiumization of products.
Foxconn business in India crosses $10 billion ; invests $1.4 billion till date
Foxconn's business in India has surged past USD 10 billion as of 2024, according to chairman Young Liu. The Taiwanese electronics giant, which has invested USD 1.4 billion in the country, is committed to expanding further. During his visit, Liu highlighted the significant contributions of women, especially married women, to the company’s operations. Foxconn recently faced allegations of discrimination against married women, which it denied. Liu inaugurated a new residential complex for over 18,000 women employees near Foxconn’s Tamil Nadu plant.
Foxconn plans more investment in coming year, put in USD 10 billion in India so far: Chairman
Foxconn's Chairman Young Liu revealed a USD 10 billion investment in India with more planned for next year, praising India's growth. Liu inaugurated a women-only residential complex in Tamil Nadu and discussed investment plans with key leaders. He underscored the role of married women in the workforce and stressed their health and safety at work.
Foxconn hires regardless of gender, recruitment on a rise in India, says its chairman
Foxconn Chairman Young Liu stressed the importance of married women in their workforce during the inauguration of a new residential complex for female employees in Sriperumbudur. He assured that Foxconn hires staff based on merit, dismissing recent allegations of discrimination. The new facility will house over 18,000 women, providing a secure and sustainable living environment. Liu also discussed the company's sustainability initiatives, including zero waste to landfill validation and energy-saving technologies. The complex aims to improve work-life balance and support women's success at Foxconn’s Tamil Nadu plant.
Google to continue selling original Pixel Fold
Tech giant Google has decided to continue selling the original Pixel Fold alongside the new Pixel 9 Pro Fold, clarifying that the original model will return to the market after the new release on September 4. Google's focus on AI integration across its product range was highlighted at the recent Made by Google event, showcasing advanced AI capabilities in the new Pixel 9 series.
Vivo gets partial occupancy certificate from Yamuna Expressway Industrial Development Authority
Vivo Mobile India received a partial occupancy certificate for 62 acres in Noida's Sector 24A from YEIDA, marking a major project for the authority. The built-up area is 1.6 lakh sq km. The company plans to produce 120 million smartphones annually and create 38,000 jobs in two phases. The YEIDA aims to launch 200 companies in the township by December. Some companies like Avery Dennison and Surya Global Flexi Films have already started production.
Foxconn meets Karnataka govt for potential investment talks while it builds large iPhone assembly plant
Karnataka Government, under CM Siddaramaiah, held a strategic meeting with Foxconn's CEO Young Liu about expanding their operations. Foxconn is setting up a mobile phone assembly plant with a Rs 22,000 crore investment, creating over 40,000 jobs. The government assured full support for the project.
Promoters of Electronics Mart India sell 7.8 pc stake for Rs 689 cr
According to the bulk deal data on the National Stock Exchange (NSE), Pavan Bajaj and Karan Bajaj sold 1.50 crore shares each, representing a 7.8 per cent stake in Electronics Mart India Ltd (EMIL). The shares were offloaded in the price range of Rs 229.75-229.77 apiece, taking the transaction value to Rs 689.28 crore. After the latest transaction, the combined shareholding of promoter and promoter group entities' in EMIL has declined to 65.17 per cent from 72.97 per cent.
Foxconn eyes Hyderabad investment, CM Reddy pitches 'fourth city' project
Taiwanese electronics giant Foxconn has shown interest in investing in Hyderabad, as confirmed by the Telangana government. Chairman Young Liu met with Chief Minister A Revanth Reddy, discussing plans for a new "fourth city" near Hyderabad. The government assured full support for Foxconn's proposed factories. Plans include a focus on various sectors, with the city also housing a skill development university. This move signifies Foxconn's expanding presence in India.
Vacheron Constantin celebrates record sales, eyes growth in Indian luxury watch market
Vacheron Constantin, with historical ties to India's maharajahs, is now focusing on emerging opportunities and consumer trends in the Indian market, according to Christophe Ramel, Managing Director for the Middle East, India, and Africa. The Swiss luxury brand has reported record sales of CHF 1.097 billion in 2023, marking an 18% increase. Ramel highlighted the evolving luxury watch market and the brand’s commitment to blending tradition with innovation, exemplified by the creation of the Berkeley Grand Complication, the most complex watch ever made.
Must Watch
Apple developing $1,000 tabletop robot with iPad-like display for 2026 release
Apple is advancing its development of a high-end tabletop device, combining an iPad-like display with a robotic arm, aiming for a 2026 or 2027 launch. This device, codenamed J595, is intended to serve as a smart home command center, videoconferencing tool, and home security assistant. The project, led by Kevin Lynch, focuses on integrating Siri and AI features. Apple's push into robotics follows the recent discontinuation of its self-driving car project and is part of a broader strategy to explore new revenue streams amidst challenges in existing markets.
Shrinking entry-level demand stalls smartphone market growth
The entry-level segment saw a 36% on-year slump in shipments in the April-June period, according to IDC. The segment accounted for 14% of total sales, down from 22% a year ago and around 40% in the pre-Covid-19 years before 2020.
Unlock massive savings at Pai International's lowest price sale: Don’t miss out on this limited time opportunity!
Pai International's lowest price sale in August offered big discounts on various products such as mobiles and laptops. Shoppers spending ₹2,000 or more stood a chance to win ₹1 lakh in free shopping. The sale also featured no-cost EMI options and the chance to earn up to 16 crore loyalty points, making it a highly attractive shopping event.
Union Minister Vaishnaw shares update on made-in-India Google Pixel 8 phone
Google announced the production of its Pixel 8 smartphones in India ahead of its 'Made by Google' event, where new Pixel devices were unveiled. This aligns with India's 'Make in India' initiative. For the first time, Pixel smartphones will be available offline at Reliance Digital and Croma stores, marking a major shift in Google's strategy.
Apple’s India business surpasses USD 23 billion as manufacturing growth reaches 50-year high
According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. In FY23, India’s contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.
The smartphone paradox
Smartphone shipments for the April-June quarter saw varying reports, with IDC and Canalys suggesting growth while Counterpoint Research and CMR observed declines. Market recovery was curbed by weak consumer demand and higher prices. IDC reported a 7.2% increase in the first half of 2024, driven largely by 5G smartphone sales, which made up 77% of the market.
