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Apple (NASDAQ:AAPL) shares rose in premarket trading on Tuesday as the company and its manufacturing partner are getting closer to operating at full production for its iPhone 14 product line.
The manufacturing plant for Foxconn, also known as Hon Hai Precision (OTCPK:HNHPF), in Zhengzhou, China, is now said to be operating at roughly 90% of its capacity levels and has roughly 200,000 workers.
According to Bloomberg, the Zhengzhou plant is now at roughly normal staffing levels and has bounced back in rapid fashion. On December 29, it was reported that the Zhengzhou plant was operating at 70%, indicating that Foxconn has been able to boost employment at the plant, sometimes known as “iPhone city.”
Foxconn dealt with worker unrest last month as a result of COVID-19 restrictions placed on it by Chinese government officials and unpaid bonuses. Foxconn ended the “closed-loop” system that had been in place at its Zhengzhou plant and apologized for the unpaid bonuses.
On Monday, Reuters reported that the plant hit 90% of its original target.
Last month, J.P. Morgan analyst Samik Chatterjee wrote that iPhone supply was “improving and inching slowly toward parity with demand.”
Apple (AAPL) CEO Tim Cook met with Japanese Prime Minister Fumio Kishida during his trip to Japan in December and reportedly relayed the company’s concerns over potential smartphone app regulation.
