Turmoil at Apple Inc.’s key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to six million iPhone Pro units this year, according to a person familiar with assembly operations.
The situation remains fluid at the plant and the estimate of lost production could change, the person said, asking not to be named discussing private information. Much will depend on how quickly Foxconn Technology Group, the Taiwanese company that operates the facility, can get people back to assembly lines after violent protests against Covid restrictions. If lockdowns continue in the weeks ahead, production could be set further back.
Apple’s shares fell 2.6% to $144.22 in New York on Monday, marking the biggest one-day drop in more than two weeks. They have declined 19% this year.
