Wednesday, January 19, 2022
Martin Hennecke

Cook 'placated China with US$275b deal'
<p>Apple chief executive Tim Cook signed an agreement with Chinese officials, estimated to be worth about US$275 billion (HK$2.06 trillion), to placate threats that would have hobbled its devices and services in the country, The Information reported, citing interviews and internal Apple documents.</p><p>The five-year deal was made when Cook paid visits to China in 2016 to quash a host of regulatory action against the company, the website said, citing interviews and internal Apple documents.</p><p>Meanwhile, Apple has reportedly asked suppliers to speed up iPhone production, Japanese media reported. Apple had slashed the production target of its iPhone 13 by 10 million in October from 90 million, due to the supply chain shortage.</p><p>Shares of Apple jumped 3.54 percent on Tuesday to US$171.18, extending its advance to a record high.</p><p>In other news, US electric vehicle maker Tesla sold 52,859 China-made vehicles in November, including 21,127 for export, the China Passenger Car Association said. Tesla, which is making Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 54,391 China-made vehicles in October, including 40,666 that were exported.</p><p>Separately, US-listed electric carmaker Faraday Future has enough cash to support the production of its flagship project FF91, which is slated in July 2022, chief executive Carsten Breitfeld said yesterday.</p>
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