Apple Lowers Production Plans For iPhone 14 Amid Waning Demand

%Apple ($AAPL) has reduced the production plans for its latest iPhone as demand weakens worldwide amid high inflation and rising interest rates.

According to multiple media reports, the consumer electronics company has told its suppliers to pull back from efforts to increase assembly of the %iPhone14 by as many as six million units through the remainder of this year.

Apple now aims to produce 90 million iPhone 14 devices in the final months of 2022, which is the same level as last year and in line with Apple’s original forecast issued this past summer.

Apple had upgraded its sales projections in the weeks leading up to the iPhone 14 release earlier in September and some of its suppliers had prepared for a 7% production increase.

However, demand for iPhones has weakened with China, the world’s biggest smartphone market, in an economic downturn. Purchases of the iPhone 14 series over its first three days of availability in China were 11% lower than last year, according to industry data.

Global demand for personal electronics has also been hurt by surging inflation, rising interest rates, and growing fears of a recession. The smartphone market is expected to shrink by 6.5% this year to 1.27 billion units sold, according to IDC data.

Apple stock is down 17% this year and trading at $151.76 U.S. per share.

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