Foxconn may cut iPhone production by 30% due to covid restrictions

It is reported that Foxconn's Zhengzhou manufacturing site, which employs about 200,000

employees and which is one of the mainfactory sites for the production of iPhone smartphones, may reduce production by 30% due to the tightening of anti-COVID restrictions in this region in November. A decline in production ahead of a strong New Year's sales season could seriously hurt Apple's shipments and negatively affect its results in the fourth quarter of this year. To reduce the negative impact on the production of smartphones, Foxconn is trying to increase production capacity at its other plant in Shenzhen in order to compensate for the losses. Foxconn is Apple's largest supplier, accounting for 70% of the world's iPhone shipments. Apple provides up to 45% of Foxconn's revenue.