TLDR
- Apple has moved 25% of iPhone production to India, with roughly 55 million units built there in 2025
- India output grew 53% year-over-year, up from 36 million iPhones in 2024
- CEO Tim Cook said most U.S. demand is now served by India-made iPhones
- Apple launched the MacBook Neo at $599, its cheapest Mac ever, targeting the entry-level PC market
- AAPL trades at ~30x earnings with analyst consensus pointing to 17.4% upside from current levels
Apple has been quietly rewriting its manufacturing playbook. One in four iPhones is now made in India — and that number is only going up.
According to a Bloomberg report, Apple produced around 55 million iPhones in India in 2025, up from 36 million the year before. That’s a 53% jump, driven by a deliberate push to reduce exposure to China tariffs and supply chain risk.
The company produced the full iPhone 17 lineup in India before its September 2025 launch. CEO Tim Cook confirmed that most U.S. demand is now met by India-built devices.
Prime Minister Narendra Modi’s production-linked incentive scheme has played a key role. The subsidies help Apple and its suppliers offset India’s higher assembly costs and thinner logistics network compared to China.
Those cost gaps are real. Electronics assembly in India still runs more expensive than in China or Vietnam. Apple, along with Samsung, is pushing the Indian government for extended support as current smartphone subsidies are set to expire March 31.
India’s consumer market is pulling its weight too. Apple shipped 14 million iPhones in the country last year, up 9% from 2024. iPhone sales hit $9 billion in India, per Bloomberg. Apple is also negotiating to launch Apple Pay there this year and opened its sixth Indian retail store last month.
MacBook Neo Targets a New Buyer
On the product side, Apple’s March event brought a headline that caught some off guard. The company unveiled the MacBook Neo, starting at $599 — roughly $500 less than the cheapest MacBook Air.
That price point matters. Around 27% of retail PCs sold in the U.S. cost $1,000 or less, according to Computer Intelligence data. Apple has never really competed in that segment before.
Mac products account for about 10% of Apple’s total hardware sales. With hardware revenue topping $305 billion in 2025, even a modest gain in low-end PC market share could move the needle.
Valuation and Analyst View
Apple currently trades at roughly 30 times this year’s earnings estimates. Analysts expect earnings to grow about 13% annually over the next three to five years.
On TipRanks, AAPL carries a Moderate Buy consensus — 15 Buys, nine Holds, one Sell. The average price target sits at $305.18, implying 17.4% upside from current levels.
The stock has gained 14.2% over the past year. It trades around $260, within a 52-week range of $169.21 to $288.62.
Apple chose not to build out its own AI data center infrastructure, instead partnering with Alphabet for AI models. That kept capital focused on hardware, where Apple has consistently delivered.
Apple Pay negotiations in India are ongoing, with a launch expected sometime in 2026.
Considering a new stock? You may want to see what’s on our watchlist first.
Our team at Knockout Stocks follows top-performing analysts and market-moving trends to spot potential winners early. We’ve identified five stocks gaining quiet attention that could be worth watching now. Create your free account to unlock the full report and get ongoing stock insights.Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
