#TrendingNow: Apple Cuts Back on iPhone Production as Demand Dwindles
28 September 2022
Global tech giant Apple is cutting back on the increased production of its new iPhones this year after an anticipated rise in demand failed to materialise, Bloomberg reported Wednesday.
“The Cupertino, California-based electronics maker has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year…Instead, the company will aim to produce 90 million handsets for the period, roughly the same level as the prior year and in line with Apple’s original forecast this summer,” the report quoted people familiar with the matter.
Apple had upgraded its sales projections in the weeks leading up to the iPhone 14 release and some of its suppliers had started making preparations for a 7% boost in orders, the report added.
Demand for iPhone 14 Pro Models Higher
“Demand for higher-priced iPhone 14 Pro models is stronger than for the entry-level versions. In at least one case, an Apple supplier is shifting production capacity from lower-priced iPhones to premium models,” the Bloomberg report added.
Impact on Markets
US stock-index futures turned lower after the news, with contracts on the Nasdaq 100 falling as much as 1.3%. Key chipmaker Taiwan Semiconductor Manufacturing Co. fell as much as 1.8%, Apple’s biggest iPhone assembler Hon Hai Precision Industry Co. was down as much as 2.4% and specialised producers Largan Precision Co. and LG Innotek Co. both slumped by more than 7%, according to the Bloomberg report earlier Wednesday.
Apple to Manufacture iPhone 14 in India
Earlier this week Apple said it will manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China, Reuters had reported. “Analysts at J.P.Morgan expect Apple to move about 5% of iPhone 14 production from late 2022 to India, which is the world’s second-biggest smartphone market after China. Apple could make one out of four iPhones in India by 2025, JPM analysts said in a note last week,” Reuters reported Monday.
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