Taiwan-headquartered Apple assembler Foxconn has partially resumed production on campuses that include both employee housing and production facilities where a “closed loop” process has been implemented that adheres to policies issued by the Chinese Communist Party.
CNBC:
The company said earlier this week that it had paused operations in Shenzhen after an uptick in Covid-19 cases led the city to shut down.
“In applying this closed-loop management process within the Shenzhen campus and in implementing the required health measures for the employees who live on campus, some operations have been able to restart and some production is being carried out at those campuses,” a Foxconn spokesperson told CNBC Wednesday.
They added: “The company will continue to work closely with the relevant authorities in monitoring these operations very closely.”
Foxconn produces some iPhones, iPads and Macs in Shenzhen. However, almost 50% of iPhones are produced at a factory in Henan province, according to a Bank of America research note Monday. Apple can start to ramp up production in Henan province to recoup some of those losses.
MacDailyNews Take: Well, on Monday, we got down to within a dime of $150, at least. 🙂
Now, after rising $4.47 (+2.97%) on Tuesday, in pre-market trading on Wednesday, shares of Apple are up another $2.58 (+1.66%) to $157.67.
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