Apple Shares Hit Lowest Since June 2021 on iPhone Supply Concerns
Apple’s shares are hitting the lowest level since June 2021 on concerns about the iPhone supply situation. The company has seen lead times for the iPhone 14 Pro and the iPhone 14 Pro Max slow down and a Covid outbreak in China is threatening to stop production entirely.
Lead times for the iPhone 14 Pro/Pro Max have slowed down
Lead times for the iPhone 14 Pro and the iPhone 14 Pro Max have slowed down compared to the last few weeks, according to a new study. According to the report, the base model iPhones improved from two days to one, while the Pro models took a grand total of four days.
The good news is that the lead time for the iPhone 14 Plus has remained at three days. This is less than the one-two weeks ago when the iPhone 14 Plus was launched. That said, the iPhone 14 and the iPhone 14 Plus are still available at many brick-and-mortar Apple retail stores and in select carrier retail channels.
In addition, a recent survey by UBS Evidence Lab found that the iPhone is available in 30 countries around the world. These results are based on data from the company’s global tracking system.
The iPhone is the most popular smartphone in the world, with more than a billion units sold in the past three years. Its popularity is attributed to its high-end features, such as the improved camera, a notch-less display and a faster processor.
While the iPhone is available in more countries than ever, lead times for the iPhone 14 Pro/Pro Max have slowed down in many of those countries, including China. However, there are still a handful of places where you can get an iPhone 14 for the same day you order it, and in some cases, you might even find some with stock.
A Covid outbreak in China threatens iPhone production
If the world’s biggest contract electronics maker, Foxconn, isn’t able to stop the spread of the Covid-19 virus, Apple’s lucrative iPhone business is at risk. The outbreak is affecting nearly a fifth of the Chinese population. This comes as demand for electronics spikes ahead of the US holiday shopping season.
Apple’s supply chain is under threat. With the outbreak affecting the largest iPhone assembly facility in the world, production has been significantly reduced. Experts believe the disruption will last months, if not longer.
Foxconn, one of the world’s biggest suppliers of Apple’s products, has been dealing with the problem in Zhengzhou since October. Workers there have complained of terrible living conditions and poor medical care.
Since the outbreak, many workers have left the plant. Some have refused to return. But the situation is manageable, according to the company. They are working with the government to make sure the plant can resume production when the situation improves.
However, the company has warned that the Covid restrictions could cause some premium iPhone shipments to fall short of expectations. In fact, it expects to ship fewer iPhone Pro Max models than it had originally expected.
Apple has been looking at options to cut back on the amount of iPhone production in China. The company has also started increasing production in India.
Tesla’s stock has dropped 73% since reaching a record high in November 2021
Tesla stock has fallen to its lowest level in two years. It has been a tough year for the electric vehicle company, which has seen its share price fall by 73% since hitting a record high in November 2021.
As a result, the company has been under pressure from investors and customers who are concerned about its management and products. There is a lot of talk about CEO Elon Musk’s erratic behavior and distractions. While he hasn’t been the only one making headlines, it seems like he’s been the most controversial.
After taking control of Twitter in October, Musk has spent a great deal of time there. He has a massive stake in the platform, worth an estimated $40 billion. But as a result of the company’s loss of millions in cash, he has been selling a large chunk of his shares in the market.
The company’s Shanghai plant has been slammed by Covid infections this month, which has forced it to cut production. However, the company will soon reopen the facility for 17 days.
Meanwhile, the company has provided discounts for North American consumers to boost sales at the end of the year. Last week, it extended discounts for two popular models, which it hoped would boost demand.
