Apple Won’t Increase iPhone 14 Production Due to Slower Demand: Report

Apple Inc. is dropping plans to ramp up production of its latest iPhones this year after weaker-than-expected demand, according to a new report.

Bloomberg News reports Tuesday evening that an expected surge in demand failed to materialize. Citing sources familiar with the matter, Bloomberg said suppliers have been asked to back out of efforts to speed up assembly of about 6 million iPhone 14 units and are committed to the goal of completing by the end of the year to produce about 90 million iPhone 14s annually, in line with iPhone 13 production last year and in line with a forecast Bloomberg reported in August. Bloomberg added on Tuesday that sources said demand for the higher-priced iPhone Pro model was stronger than for the cheaper models.

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“The entire focus” is on the production of the Pro model, Wedbush analyst Dan Ives said in a tweet Tuesday night and forecast the weaker demand report will make the market “nervous”.

Bloomberg reported earlier Tuesday that iPhone 14 sales in China got off to a slow start, down about 11% from comparable iPhone 13 sales last year.

On Monday, Apple announced it would shift some iPhone 14 production from China to India amid geopolitical tensions and supply chain issues.

Apple earlier this month unveiled the iPhone 14, which has an improved camera, emergency satellite services, and a longer-lasting battery, but – surprisingly – without a price increase.

In July, Apple beat analysts’ expectations for iPhone sales for the fiscal third quarter ended June, but gave no guidance on fourth-quarter sales, citing “continued uncertainty around the world.”

Apple shares AAPL,
are down about 15% year-to-date compared to the 20% decline in the Dow Jones Industrial Average DJIA,
of which it is a part. Apple Won’t Increase iPhone 14 Production Due to Slower Demand: Report

Brian Lowry

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