TAIPEI -- Taiwan's Foxconn, the top assembler of Apple's iPhones, said it has secured enough workers to meet "seasonal demand" at all major Chinese plants, stressing a steady recovery from the labor shortage caused by the novel coronavirus epidemic on the mainland.
The company issued a statement Sunday night saying recruitment goals have been reached "ahead of schedule at the plants." This signals progress from early March when Chairman Young Liu told investors that Chinese plants were operating at roughly 50% capacity of normal.
The company also stressed that it has instituted rigorous measures to prevent infection. A total of 55,000 workers received PCR coronavirus tests, and over 40,000 people underwent chest X-rays, according to Foxconn.
The company is expected to hit a peak production period after July to manufacture iPhones for release in the fall. With its production volume in February and March estimated at around half that level, the company has a long way to go in returning to full production.
Shares of Foxconn, which trades as Hon Hai Precision Industry, dropped 4.7% on Monday, exceeding the 3.7% decline by Taiwan's benchmark TAIEX index as a whole. Investors fear a stark fall in demand for electronic devices as COVID-19 cases surge in the U.S. and Europe.