But founder Terry Gou worries that as output ramps up, consumer spending may slow, particularly in the U.S.
From “Resumption of work at Apple supplier Foxconn factories in China beats expectations, founder says” posted Thursday by the South China Morning Post:
The Taiwan-based company, which is Apple’s main assembler of iPhones, in February suffered its biggest monthly drop in revenue in about seven years, as the outbreak played havoc with its business.
Gou told reporters in Taipei that the return to work effort at Foxconn’s factories in China had “exceeded our expectations and imagination”, and that supplies to its plants there and in Vietnam had returned to normal.
Gou, however, warned about weak consumer demand as a result of the coronavirus epidemic, which the World Health Organisation has declared a pandemic. He said the US market was of particular concern.
“In the United States, what we are worried about is the market,” he said. “If production was resumed quickly but consumers stop spending … that would be key to the economic recovery.”
My take: Something missing here. An “effort to return to work” is not the same as the factories working at full capacity.