British manufacturers face a new supply chain crisis after China locked down the vital city of Shenzhen, hitting iPhone production and driving Chinese stocks to their worst decline since the financial crisis. Beijing locked down the city of 17.5m people and also banned residents from leaving the northeastern province of Jilin as nationwide daily Covid cases doubled to 3,400. Foxconn, a crucial Apple supplier, halted its operations in Shenzhen, but said it would attempt to move manufacturing to other plants. Volkswagen temporarily suspended operations at three plants in Changchun, in Jilin. Purpose-built as a manufacturing hub, Shenzhen is a global technology powerhouse. It accounts for 11pc of China's gross domestic product by itself and also has the world's fourth-largest port. The lockdown is China's largest since it isolated the city of Wuhan during the early weeks of the pandemic in 2020. Simon Geale, from supply chain consultancy Proxima, said the lockdown would "send shockwaves through global supply chains". "A one-week delay means that roughly half a million containers are not starting their journey," he said. "We know that lead times are already long, and rates are historically high, but what are the other options? Alternate routes like air and rail… Read full this story
- Tech crisis to hit UK amid China lockdown - ‘Won't be enough to satisfy demand’
- China destroys $600 million in cash to stop coronavirus spread on infected bank notes
- COVID Finally Spins Out of Control in China as New Variant Takes Hold
- Thinking of buying an iPhone 13? Don't delay as stock shortages predicted
- All eyes on China
- TSMC warns of slowing smartphone demand while analysts argue iPhone market remains healthy
- City defeating European challengers to keep post-Brexit crown, says Lord Hill
- Triple shock forces the world to rethink globalisation
- From Apple to Google, big tech is rushing to build VR and AR headsets
New China lockdown hits iPhone production have 308 words, post on www.telegraph.co.uk at March 14, 2022. This is cached page on NGHONG. If you want remove this page, please contact us.