AirPods Producer Luxshare Gains More Than 6% as Operations in China Resume
Investing.com
Published Mar 10, 2020 01:51AM ET
By Alex Ho
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Investing.com - Shenzhen-listed Luxshare Precision Industry Co Ltd (SZ:002475) gained more than 6% on Tuesday morning in Asia as its factories resumed operations in China.
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Jiangxi Luxshare Intelligent Manufacture, Luxshare’s subsidiary and Apple’s major AirPods manufacturing factory, said it was resuming full operation after a 20% slump in February production due to the virus-induced shutdown.
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While reports showed on Monday that iPhone’s sales in China plummeted 54.7% in February due to the Covid-19 fears, AirPods’ demand has in turn increased, according to reports.
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Luxshare plans to produce 48 million units of AirPods with an estimated operating revenue of 30 billion yuan ($4.3 billion) this year, according to Zhang Xiaojian, director of the company's human resources department.
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"We will make up for the loss by hiring more workers and improving the production efficiency," Zhang said.
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Luxshare’s shares in Shenzhen last traded at CNY 45.10, up 6.1%.
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Written By: Investing.com
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