Apple’s Capitalization has grown to $18 billion after reports that factories Foxconn for production of iPhone restore operation.
Foxconn, the largest partner of Apple, plans by the end of February at least half resume their production in China, reported Reuters citing informed sources. Due to the outbreak of coronavirus, the company’s plants were closed for a few weeks. The contract manufacturer also plans to resume 80% of production in China in March.
Plans for rapid resumption of operation following reports that only two of the plant could re-open its doors this week. Numerous tourist centres and retail outlets were forced to close their doors for a few weeks. Starbucks and Nike have closed at least half of its offices in China, and Tesla has suspended production at its new Shanghai Gigabit more than a week.
Foxconn has increased its capacity at plants in Vietnam, India and Mexico to handle the outage in China, but the manufacturer can fix the fall in revenue in the first quarter of 2020 because of the epidemic, which began to affect the activities of a contract manufacturer.
the Impact of the coronavirus in the global technology industry, which hopes for a recovery in 2020, can be serious. Analysts warn that the virus could reduce global supplies of smart phones by 10% this year.
Like Apple, the leading manufacturers of Android-based smartphones, including Huawei Technologies, Oppo, Vivo and Xiaomi, as well as laptop manufacturers such as HP and Dell, also have a large part of its production in China. Only South Korea’s Samsung Electronics has completely transferred the manufacture of smartphones from China, although it still supplies components from the country.