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it house news on october 4. according to techcrunch, apple said it is planning to open four new retail stores in india and has begun domestic production of iphone 16 pro models in india to deepen its position as the world's second largest retail store. influence on the smartphone market.

apple plans to open stores in bengaluru, pune, delhi-ncr and mumbai, having already opened two stores in mumbai and new delhi last year.

deirdre o'brien, apple's senior vice president of retail, said in a statement: "we are excited to expand our team and plan to open more stores in india as we are inspired by the creativity and enthusiasm of our customers across india. we can't wait "we want to give customers more opportunities to discover and purchase our amazing products and services and interact with our extraordinary, knowledgeable team members." she did not provide a specific timeline for the new store's opening.

apple also confirmed that the company has started manufacturing its entire iphone 16 series in india, including the pro models. the company started manufacturing iphones in india in 2017, starting with the se model.

it house noted that jpmorgan analysts said in a report last month that apple’s move to move iphone production to india was slower than previously predicted. the bank said india's current iphone production is estimated to account for 10-15% of total production. apple's share of the indian smartphone market reached more than 10% last year, but then fell back to single digits.

the bank now expects india to produce 20-25% of iphones by 2027. previous forecasts for 2022 expected this level to be reached in 2025.

investment bank j.p. morgan said iphone assembly margins in india are lower than in china "because of lack of scale and early learning curve, which offset lower labor costs (almost 25-50% of those in china)" )".

still, apple's business in india is on the rise. morgan stanley said earlier this year that apple's revenue in india would grow 42% year-on-year in 2023, reaching $8.7 billion. iphone shipments in india increased 39% year-on-year in 2023 to 9.2 million units, making it the fifth largest smartphone market for iphone. morgan stanley also said that india's iphone business will exceed that of any independent country in the european union in 2023.