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The American multinational Apple warned its customers that they will have to wait longer to get their latest iPhone models, after restrictions against Covid-19 were imposed at the factory of one of its contractors in central China.
The last quarter of the year is typically peak season for companies like Foxconn, one of Apple’s biggest suppliers in China, as they ramp up production ahead of the year-end Christmas rush. However, this year will not be the same.
Foxconn Technology Group will keep in force until at least November 9 the measures against Covid-19 imposed on its main factory in the city of Zhengzhou, by order of the health authorities.
China on Monday reported its highest number of new Covid-19 infections in six months, with the disruption in the world’s second-largest economy sweeping across the country since October.
“We expect iPhone 14 Pro and iPhone 14 Pro Max shipments to be lower than previously anticipated,” acknowledged the multinational Apple, speaking of the situation at this assembly plant.
Apple said the factory is “operating at significantly reduced capacity” and added that “customers will experience longer wait times to receive their new products.”
Taiwan’s Foxconn is the world’s largest contract electronics manufacturer and the largest maker of iPhones, accounting for 70% of global shipments. It has production sites in India and southern China, but the largest is in the city of Zhengzhou in the eastern province of Henan.
Chinese exports and imports fall
But this cut in the production of iPhones is just part of a much deeper story: the uncertainty surrounding the future of the Chinese economy and, incidentally, the global economy, with a looming recession that has spread panic in the markets.
China’s exports and imports unexpectedly contracted in October, the first simultaneous drop since May 2020, official data showed on Monday. In the case of external sales, the result shows a sharp change compared to the increase of 5.7% in September.
Data suggests global demand remains fragile overall, with analysts warning of further pessimism for exporters in coming quarters, adding pressure on the manufacturing sector in the world’s second-largest economy.
With Reuters and AP
