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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

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Apple : starts selling locally assembled iPhone XR in India

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10/21/2019 | 01:37pm EST
A demonstration of the newly released Apple products is seen following the product launch event in Cupertino

(Reuters) - Apple Inc has started selling its popular iPhone XR phones assembled in India, as it looks to expand its share in the world's second-largest smartphone market where it has struggled against cheaper products from rivals.

The phones are being assembled at Taipei-based contract manufacturer Foxconn's India factory, helping the Cupertino, California-based company avoid high levies on the import of fully-built devices as well as meet local sourcing norms for opening its own retail stores in India.

iPhone XR boxes with an "Assembled in India" tag were seen on Monday in many of the country's electronic product retailers, including Croma, with a price tag of 49,900 Indian rupees (£542) for the 64 GB version.

The company has slashed iPhone XR prices in India to counter a prolonged sales slowdown amid fierce competition from premium smartphones from Samsung and OnePlus.

Earlier this year Reuters had reported that the company would assemble its top-end iPhones in India.

Apple did not immediately respond to a request for comment.

Prime Minister Narendra Modi's government has tried to position South Asia's third-biggest economy as a hub for smartphone manufacturing.

Companies such as Apple are also looking to use India as an export hub to soften the impact of an ongoing trade war between the United States and China.

(This story corrects second paragraph to say Foxconn is based in Taipei)

(Reporting by Amal S and Munsif Vengattil in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Financials (USD)
Sales 2020 275 B
EBIT 2020 66 639 M
Net income 2020 56 371 M
Finance 2020 91 977 M
Yield 2020 1,23%
P/E ratio 2020 19,8x
P/E ratio 2021 17,4x
EV / Sales2020 3,82x
EV / Sales2021 3,58x
Capitalization 1 143 B
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Number of Analysts 44
Average target price 253,79  $
Last Close Price 257,24  $
Spread / Highest target 16,6%
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Spread / Lowest Target -41,7%
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Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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