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Tuesday, January 25, 2022

Apple Tim Cook signed a $275 billion deal to pacify China: Report

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Apple recently surpassed Vivo to become the top-selling smartphone maker in China for the first time since 2015. The sales, as per a Counterpoint report, was driven by the company’s iPhone 13 series. The research firm reported that Apple’s sales grew by a whopping 46%, which was the highest among all the top smartphone makers in the country. Behind the company’s momentous feat is an agreement signed by the Apple CEO Tim Cook almost six years back. Also Read – TRAI instructs all telecom operators to enable port-out SMS facility irrespective of tariff plans

According to the internal documents seen by The Information, Cook signed an agreement with the Chinese officials estimated to be worth more than $275 billion. In addition to this, the company reportedly promised the government officials that Apple would do its part in developing China’s economy through investments, deals and worker training. Some of these investments would also go towards building more retail stores, research and development centers and also renewable energy projects. Also Read – Free Fire redeem code, CoWIN, and COVID vaccine are among the top searched Google Search results in 2021: Check the full list

This agreement was signed during a series of in-person visits Cook made in China back in 2016 in a bid to quash sudden regulatory actions against Apple’s business in China. The need to forge a closer alliance with the Chinese government officials came from a number of the company’s executives who were concerned about the company’s poor relations with the Chinese government officials, who believed that Apple wasn’t contributing enough to the country’s economy. Also Read – Reliance Jio vs Airtel vs Vodafone-Idea Rs 399 postpaid plan with benefits

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Shortly after, around May 2016, Cook announced the company was investing $1 billion in the Chinese cab-hailing company Didi.

Apple’s investments in India

It is worth noting that while Apple has invested heavily in China, the company has also expanded its business in India. The company is already assembling iPhone 11, iPhone 12, and the iPhone SE models in India. And it launched its online store in the country in September last year. This enabled interested buyers to purchase iPhones, MacBooks, AirPods and other devices directly from Apple instead of going to third-party vendors.

Around the same, reports hinted towards three of Apple’s top contract manufacturers — Foxconn, Pegatron and Wistron — investing $900 million in India to tap into the company’s Production Linked Incentive (PLI) scheme. While Foxconn had reportedly applied to invest about Rs 4,000 crore, Wistron and Pegatron planned to invest around Rs 1,300 crore and Rs 1,200 crore respectively. Furthermore, reports also said that Pegatron’s board had approved an investment of $150 million for building manufacturing facilities in India.

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