Apple will invest another $100 million in US manufacturing, a source in the presidential administration said on Wednesday. White House spokeswoman Taylor Rogers said this would be “another victory” for the American manufacturing industry. Apple shares rose nearly 6%.
The announcement will be about a new manufacturing programme that aims to move most of Apple’s supply chain to the US, with a focus on producing additional critical components domestically. Apple CEO Tim Cook is expected to attend the event.
White House spokeswoman Taylor Rogers said the joint statement with Apple would be “another victory” for the American manufacturing industry. According to her, this will help bring back to the US the production of critical components for the country’s economic and national security.
Apple shares on the Nasdaq rose 5.8% to $214.7 at their peak at 06:37 p.m. This is the highest growth in at least three months.
In total, Apple’s investment commitments in the US will increase to $600 billion. The company previously said it plans to invest $500 billion over four years, including the construction of a new server manufacturing plant in Houston, the opening of a supplier academy in Michigan, and increased spending on existing US suppliers.
The new commitment could “soothe the anger” of the White House over Apple’s heavy reliance on India for iPhone assembly, according to analysts. They suggested that Apple will focus in the US on high-end product manufacturing, artificial intelligence laboratories and semiconductor design, but not on mass production of budget smartphones and accessories.
