Apple Inc chief executive Tim Cook will be meeting Prime Minister Narendra Modi later this week following a trip to China, as he seeks to revive sluggish iPhone sales.
Apple Inc chief executive Tim Cook will be meeting Prime Minister Narendra Modi later this week following a trip to China, as he seeks to revive sluggish iPhone sales. Apple sees a “huge market potential” for its products in India and the technology giant is “really putting energy” in the country which will begin rolling out high-speed wireless networks this year, CEO Tim Cook said during an television interview.
This is Tim Cook’s first ever visit to India, since he took over the position of Apple CEO.
Below are 5 points that tell what Tim Cook may discuss during his India visit:
1. Huge market potential in India: Tim Cook feels that there is huge market potential for Apple in India. In a recent interview, he said, “the company has got great innovation in the pipeline and new iPhones that will attract people in markets like India”. While sales for Apple in China, its second-largest market after the United States, fell 11 per cent in the latest quarter, in India iPhone sales were up 56 per cent from a year ago. More than 100 million smartphones were sold in India last year and the market is expected to grow by 25 percent this year, making India one of the fastest growing smartphone markets in the world.
2. Network infrastructure and Retail in India: Apple’s retail and network infrastructure and retail remain among Apple’s main challenges in India, with the market there today being where China was seven to ten years ago.
3. Apple stores: According to a report in FactorDaily, Apple plans to open its first three Apple Stores in India in Delhi, Bangalore, and Mumbai. They should be up and running by the end of 2017.
4. Manufacturing push: Apple’s primary assembly partner — Foxconn — is said to be working on a plant in Maharashtra dedicated exclusively to Apple products. This would be a boost for Modi’s “Make in India” manufacturing push. The facility could cost a massive $10 billion.
5. Though it is yet uncertain, but Tim Cook may discuss importing refurbished iPhones with the Prime Minister.
Apple had last month announced financial results for its fiscal 2016 second quarter ended March 26, 2016.The company posted quarterly revenue of $50.6 billion, down from $58 billion in the year-ago quarter. Its quarterly net income stood at $10.5 billion, a decline from $13.6 billion in the same period last year.