For Apple’s (AAPL) loyal iPhone customers, there is some good news. Apple’s biggest production partner, Foxconn has finally ramped up production at its factory in Zhengzhou to about 90% of its peak capacity, Bloomberg reported on Tuesday.
The Foxconn factory is now operating with around 200,000 workers, the report said. The increase in production bodes well for AAPL just as the shopping season gets underway in China ahead of the Lunar New Year.
This factory faced many problems over the last year including worker strikes over pay disputes, protests against strict COVID curbs, and disruption in production due to raging COVID cases in China.
Analysts are bullish about AAPL stock with a Strong Buy consensus rating based on 22 Buys and five Holds.