Apple India produces $22 billion of iPhones

Apple Inc. assembled $22 billion worth of iPhones in India in the 12 months ended March, increasing production by nearly 60 per cent over the previous year in a sign of continued diversification away from China.

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The Cupertino, California-headquartered company now makes 20 per cent, or one in five, of its prized iPhones in the South Asian country, according to people familiar with the matter who asked not to be identified as the information isn’t public. The dollar figure represents the devices’ estimated factory gate value, rather than the marked-up retail price.