China power problems close factories
Reuters News Service reports that several key Apple and Tesla suppliers have halted production at some of their Chinese facilities to comply with country’s tighter energy consumption policies
- Foxconn, aka Hon Hai Precision, owner of Sharp, said it suspended production at its facilities in Kunshan, China in direct response to city’s policy of stopping electricity supply for industrial use
- CNN reported that “power cuts that reduce factory output could deliver a one-two punch that may knock China’s fragile recovery off course, while spelling further trouble for global supply chains that are already struggling to cope”