After recent chaos at the Zhengzhou plant, Apple Inc. AAPL supplier Foxconn is now looking for a huge boost in its workforce at its iPhone factory in India.
What Happened: Foxconn is planning a four-fold jump in the workforce at the India plant, two government officials with knowledge of the matter told Reuters, pointing towards the company's recent disruption due to China's zero-COVID policies.
The company plans to add 53,000 more workers over the next two years at its plant in southern India, taking the total workforce to 70,000.
Both Foxconn and Apple did not immediately respond to Benzinga’s request for comment.
This comes days after Chinese authorities ordered an industrial park, that includes the world's largest Apple iPhone assembly plant, to enter a seven-day lockdown due to rising COVID-19 concerns. The Zhengzhou facility faced discontent over tighter curbs that aimed to contain the spread of the virus, and many of its 200,000 workers left the site.
Following the mass exodus of employees, the Taiwan-based company revised its fourth-quarter outlook and guided to flat revenue for the quarter relative to the year-ago period. However, it did not give a numerical outlook.
Apple also disclosed last week that COVID-19 restrictions in China had impacted its main iPhone 14 Pro and Max assembly facility in Henan province.
Price Action: Foxconn, also known as Hon Hai Precision Industry Co., Ltd HNHPF, shares traded over the counter in the U.S. settled Thursday session 1.04% lower, according to Benzinga Pro data.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.