Foxconn Resumes Production in China - InvestingChannel

Foxconn Resumes Production in China

Foxconn, which is a major assembler of Apple’s (NASDAQ:AAPL) iPhones, announced Wednesday that it has partially resumed production in Shenzhen, a Chinese manufacturing hub.

The Apple arm said earlier this week that it had paused operations in Shenzhen after an uptick in COVID-19 cases led the city to shut down.

Foxconn said it is only able to resume production on campuses that include both employee housing and production facilities.

The Taiwanese firm added that a “closed loop” process has been implemented on these campuses that adheres to policies issued by the Shenzhen Government.

“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 some media outlets Wednesday.

They added: “The company will continue to work closely with the relevant authorities in monitoring these operations very closely.”

Foxconn’s main facilities in Shenzhen are in Longhua Town and Guanlan but the company did not specify exactly where production will resume or on what kind of products.

The shutdown earlier this week came just days after Apple announced its latest slate of new products, including a budget iPhone that’s expected to outperform in Asia.

Foxconn produces some iPhones, iPads and Macs in Shenzhen. However, almost 50% of iPhones are produced at a factory in Henan province.

AAPL, for its part, began Wednesday trading gained $1.66, or 1.1%, to $156.75.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire