Apple's manufacturing capacity for in-demand new products has been hampered by China's stringent COVID-19 policies.
Above, a shot of an Apple logo outside a store in Wuhan, China. Zero-COVID containment policies have disrupted Apple's iPhone 14 Pro supply chains in parts of China.Foxconn produces 70 percent of iPhones, most of them at its Zhengzhou site, according to the latest estimates. Apple has moved some production to India in a bid to reduce risks, but its current reliance on the Chinese market means the predicament comes at a particularly unfortunate time.
As a result of Apple's warning, the company's stock price plunged slightly in pre-market trading, dipping as much as 2.08 percent. "Covid-19 restrictions have temporarily impacted the primary iPhone 14 Pro and iPhone 14 Pro Max assembly facility located in Zhengzhou, China," Apple said in a statement on its website."The facility is currently operating at significantly reduced capacity. As we have done throughout the Covid-19 pandemic, we are prioritizing the health and safety of the workers in our supply chain.
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