Apple to Lose 6 Million iPhone Pro Units From Tumult at China Plant
November 28, 2022
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0:22Now PlayingApple to Lose 6 Million iPhone Pro Units From Tumult at China Plant
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as posted by the channelTurmoil at Apple Inc.’s key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6 million iPhone Pro units this year, according to a person familiar with assembly operations. The shares slumped in early US trading.
The situation remains fluid at the plant and the estimate of lost production could change, the person said, asking not to be named discussing private information. Much will depend on how quickly Foxconn Technology Group, the Taiwanese company that operates the facility, can get people back to assembly lines after violent protests against Covid restrictions. If lockdowns continue in the weeks ahead, production could be set further back. Apple’s shares fell 1.9% in premarket trading in New York Monday. They have declined 17% so far this year.
The Zhengzhou campus has been wracked by lockdowns and worker unrest for weeks after Covid infections left Foxconn and the local government struggling to contain the outbreak. Thousands of staff fled in October after chronic food shortages, only to be replaced by new employees who rebelled against pay and quarantine practices.
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