Apple supplier Luxshare to invest additional US$330 million in Vietnam plant as supply chain diversification continues

Apple's supplier, Luxshare Precision Industry Co, has been given the green light to invest an additional $330 million in a new plant in Bac Giang, Vietnam. This brings the total investment to $504 million. The plant will produce various components like cables for smart devices and smartwatches. It will cover more than 70 acres and is expected to be finished within 12 to 24 months. Luxshare, which is known for supplying Apple's AirPods, began its investments in Vietnam in 2019. Apple is diversifying its supply chain, moving some production away from China. Foxconn, another major Apple supplier, is also expanding in Vietnam and India. They've committed $250 million to projects in Vietnam and plan to invest $600 million in India for iPhone components and chip-making equipment. The iPhone 15 was produced in India, marking a shift in Apple's manufacturing strategy. Apple aims to increase the number of iPhones made in India next year. Despite this shift, Apple CEO Tim Cook visited a Luxshare factory in China and met with Chinese officials, showing that Apple still values its relationship with China. Cook's visit coincided with an investigation into Foxconn's operations in China, which authorities claim is routine.