TF International Securities analyst Ming-Chi Kuo released a new report on iPhone shipments on Wednesday, lowering his expected shipments of 14 Pro models by 20% to 70 million – 75 million units in the fourth quarter of 2022. The report noted that the average capacity utilization rate of the Zhengzhou Foxconn facility was only 20% in November. Pegatron and Luxshare Precision each obtained 10% of Foxconn’s iPhone 14 Pro model production, and the two will begin to ship in mass volumes as soon as the second half of December. Kuo warned that Apple and its suppliers could continue to face challenges as Apple did not cancel any orders, which will lead to high stocks of unassembled iPhone components. Foxconn is less likely to be the exclusive assembler of Pro models moving forward. Furthermore, Kuo predicted that during the economic downturn, demand for the iPhone will begin to fade out. Since late October, Foxconn’s facility in Zhengzhou, one of the largest iPhone-producing plants worldwide, have been dealing with worker shortage due to Covid resurgence and related control measures, leading Apple to warn that its iPhone 14 Pro models could suffer from a longer delivery time. [Ming-Chi Kuo]