Daybreak
Close to bringing in $10B in revenue this year, India's becoming the apple of Apple Inc's eye
Nov 10, 2023
Tim Cook, CEO of Apple Inc., discusses the extraordinary growth of Apple in the Indian market, with record revenue from iPhone sales and a projected revenue of $10 billion. The podcast explores Apple's initial struggles, its strategy of offering zero-interest financing and partnerships with banks, and its shift towards India as a manufacturing hub. It also highlights concerns about potential competition with China and the impact of Apple's own stores on smaller offline retailers.
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Quick takeaways
- Apple's revenue from iPhone sales in India has reached record levels, with analysts predicting further growth due to the increasing number of people moving into the middle class in India.
- Amid tensions between the US and China, Apple has been diversifying its production units outside of China, with India emerging as an attractive destination to become its next manufacturing hub, potentially reducing costs and increasing market share.
Deep dives
Apple's turnaround in the Indian market
Apple has experienced a significant turnaround in the Indian market after facing sluggish growth for more than a decade. In recent times, both Martha Stewart and Tim Cook have called the Indian market 'extraordinary'. Apple's revenue from iPhone sales in India has reached record levels, with analysts predicting further growth. One of the reasons for this success is the increasing number of people moving into the middle class in India, as mentioned by Tim Cook. Additionally, Apple's strategy of offering easy financing and zero interest EMIs has made its products more affordable for Indian consumers.
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