Shares of Luxshare Precision Industry, one of Apple’s Chinese contract manufacturers, rose more than 3% in Asia’s trade after the Financial Times reported the supplier is set to sign a contract to produce premium iPhones.
The move comes after rival Foxconn halted production lines in Zhengzhou following protests over China’s stringent Covid measures over a month ago.
The Financial Times reported Luxshare has already produced “small amounts” of the iPhone 14 Pro Max since November to make up for Foxconn’s lost production.
Source: (CNBC)
