China's tax authorities have initiated multiple investigations into Foxconn, the company responsible for manufacturing iPhones, following the announcement by Foxconn's founder, Terry Gou, that he would run for Taiwan's presidential elections.

Lordstown Motors, the struggling electric-truck maker, has filed for Chapter 11 bankruptcy protection and has initiated a lawsuit against Foxconn, accusing the Taiwanese manufacturer of breaching an agreement to provide additional funding.

Chinese authorities imposed a seven-day lockdown of the central Chinese city of Zhengzhou last week, shutting down Apple’s iPhone factory in the location.

The company’s primary assembly facility in Zhengzhou, China is operating at a “significantly reduced capacity” due to the country’s strict restrictions regarding the Covid-19 virus.