06:36 AM EDT, 04/10/2024 (MT Newswires) -- Apple ( AAPL ) doubled its India production to $14 billion worth of iPhones last fiscal year, a sign that it is accelerating its efforts to diversify beyond China, Bloomberg reported Wednesday, citing unnamed people familiar with the matter.

According to the sources, Apple ( AAPL ) now produces 14% or about one out of seven of its iPhones in India, the report said.

While China still produces the vast majority of Apple's ( AAPL ) iPhones and remains its biggest non-US market, sales have fallen because of local rivals and bans on non-Chinese technologies in workplaces, Bloomberg said. The Indian government said the production expansion created 150,000 jobs at Apple's ( AAPL ) suppliers, according to the report.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 170.2, Change: +0.53, Percent Change: +0.31