Foxconn's Largest iPhone Plant In China Nears Resuming 100% Production

Apple Inc's AAPL crucial supplier Hon Hai Precision Industry Co Ltd HNHPF Foxconn Technology Group, has brought the largest iPhone plant to about 90% of anticipated peak capacity.
The update implied Apple's biggest production partner had secured enough workers despite a Covid resurgence and recent staff uproar, Bloomberg reports.
Foxconn doled out bonuses to attract new workers and convince those still there to stay on.
Foxconn reportedly aimed for the plant to resume total production around late December to early January while also remaining cautious regarding the pandemic resurgence, Reuters reports.
Foxconn's plant in the central Chinese city of Zhengzhou operated with 200,000 staff, or about the average staffing level, a local daily reported, citing Foxconn executive Vic Wang.
As of December 30, the plant shipped at 90% of the peak capacity forecast at the start of last year.
Foxconn's speedy bounce-back bodes well for the production of Apple's marquee product as it gears up for the Lunar New Year shopping season.
A nationwide Covid flare-up after Beijing abruptly dropped most Covid Zero-era curbs had clouded the prospects for manufacturers like Foxconn, which required armies of workers to keep factories buzzing.
The recent outburst followed weeks of turmoil at the Zhengzhou plant known as iPhone City, which produces the vast majority of high-end iPhone 14 Pro and Pro Max devices.
The phenomenal disruption, in turn, fueled concerns about iPhone production over the critical holiday period.
Price Action: AAPL shares closed higher by 0.25% at $129.93 on Friday.

Market News and Data brought to you by Benzinga APIs

Comments

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga