Today: 2 August 2025
28 December 2022
1 min read

Supply issues upset global tech stocks

Companies have struggled to keep production going in China due to Covid restrictions and weeks of lockdowns…reports Asian Lite News

Apple and Tesla stocks have tumbled over growing concerns about delays in their production lines in China, BBC reported.

Apple shares hit their lowest point since June 2021. Tesla’s stock has dropped 73 per cent from a record high in November 2021.

Companies have struggled to keep production going in China due to Covid restrictions and weeks of lockdowns, BBC reported.

Now they are facing a staffing crunch as China battles a Covid wave after lifting years of restrictions.

Global investors are being cautious ahead of additional interest rate hikes, a global economic slowdown and the ongoing war in Ukraine.

Apple supplier Foxconn says its revenue in November was down 11 per cent compared with the same month in 2021, following unrest at its Zhangzhou plant known as “iPhone City.”

This week, media reports said Tesla’s Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment.

But analysts say the company’s sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers, BBC reported.

Investors have also raised concerns about Tesla’s chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla’s share price.

ALSO READ: Business books for New Year reading

Previous Story

Chiranjeevi in full flow in ‘Waltair Veerayya’ song

Next Story

Here are the top 5 mobile games that will make their mark in 2023

Latest from Business

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding
Go toTop

Don't Miss

World’s first low-carbon aluminium in iPhone SE

Apple said it intends for the material, produced by using

Apple CEO impressed by 5-year-old Indian coding prodigy

Cook’s amazement at Ranvir’s talent led to an invitation for