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Apple to keep iPhone production flat in 2022 - Bloomberg News

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(Reuters) - Apple Inc plans to keep iPhone production for 2022 roughly flat at about 220 million units, Bloomberg News on Thursday, as China's COVID-19 curbs, global supply chain issues, and cooling demand continue to hurt smartphone makers.

An outbreak of COVID-19 in China has kept its financial hub Shanghai largely paralysed by a city-wide lockdown — now in its seventh week. Beijing, meanwhile, has ramped up its quarantine efforts.

The iPhone maker's supplier Foxconn has been able to keep its workers on-site in a "closed loop" system to limit the impact on production, but lockdowns in the country have pushed many to sound demand-related warnings.

Apple had also said last month any new lockdowns in China and Taiwan, where many parts and iPhones are produced, could bring new obstacles in terms of supply and demand in the current quarter.

The developments also comes as investors brace for a drop in consumer spending on tech gadgets and services as the war in Ukraine drives up the cost of oil, food, and other staples.

Separately, Nikkei reported on Wednesday that the company had told its suppliers to speed up iPhone development after China's COVID-19 lockdowns hampered schedule for at least one of the new phones.

Apple did not immediately respond to a Reuters request for comment.

(Reporting by Rhea Binoy in Bengaluru; editing by Uttaresh.V)

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