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Electronic makers hit as Chinese firms halt production to meet energy targets
Industry News- Sep 29,21
According to a report by Nikkei Asia, a crackdown on energy consumption has affected approximately 160 energy-intensive companies, including electronics, textile, dyeing and chemical fibre industries.
Beijing (China)
Chinese firms were forced to temporarily halt production to help provinces meet their energy consumption targets delivering a major blow to electronic equipment manufacturers.
According to a report by Nikkei Asia, a crackdown on energy consumption has affected approximately 160 energy-intensive companies, including electronics, textile, dyeing and chemical fibre industries. The report said that the recent decision to clamp down energy consumption came after the prices of coal and natural gases recorded a rapid surge in the last month.
The report claimed the production order issued for September 21-30, has affected a large number of companies, out of which 80% are in the Ma'an area. The change in the plan came at a time when the global markets were shaken by the debt crisis and the companies were pushing to meet the demands of the festive season.
Eson Precision Engineering, which supplies electronic parts to some of the biggest brands like iPhone and Tesla, suspended its production from Sunday until Friday in order to meet the energy targets. According to a community official at the Ma'an area in Shaoxing city, as, "It is mainly for the provincial government's energy consumption control requirements."
Apart from the price surge, the government has decided to halt production to fulfil its commitment to reduce carbon emission.
Source: Repulicworld.com
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