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Apple's India-made top-end iPhones to hit stores next month-source

MUMBAI (Reuters) - Apple Inc's top-end iPhones, assembled in India by Foxconn's local unit, are likely to hit Indian stores next month, a source said, potentially helping the tech giant drop prices in the world's second-biggest smartphone market. Some approvals are pending, but the India-made iPhone XR and XS devices are expected to hit the market by August, the source said, asking not to be named as the matter is not public. Expanding local assembly will help Apple save on high taxes levied on the import of fully-built devices, as well as meet local sourcing norms for opening its own retail stores in India. Reuters had previously reported that the local unit of Hon Hai Precision Industry Co, widely known as Foxconn, would this year begin assembling iPhone X family devices in India's southern Tamil Nadu state. Apple cut its fiscal first quarter sales forecast, blaming slowing iPhone sales in China where uncertainty around U.S.-China trade relations has hurt the economy. Some of the Wistron assembled iPhone 6s and 7 are being exported from India to markets in Europe, Neil Shah of Hong-King based tech researcher Counterpoint said.

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