© Stocksak. FILE PHOTO – The Apple logo is seen in an Apple Store in Brooklyn (New York), U.S.A, October 23, 2020. REUTERS/Brendan McDermid
(Stocksak). Apple Inc (NASDAQ 🙂 is reducing production of iPhone 14 Plus but increasing production of the more expensive iPhone 14 Pro because of lukewarm customer demand, TrendForce market research firm stated Tuesday.
The iPhone 14 Pro Series, which is more expensive than the initial planned 50%, now accounts for 60% of total production. This could increase to 65% in the near future, according to the report.
Stocksak asked Apple for comment but Apple did not respond immediately.
The report also stated that rising U.S. rates could impact consumer spending and reduce demand for iPhones in 2023’s first quarter. This could result in a 14% drop in production year-on-year to 52 million units.
Analysts in the past stated that the iPhone 14’s Pro Max and Pro Max versions were selling at a rapid pace, but that the base model, which is Apple’s most popular, has been in decline.
The company announced last month that it would manufacture its latest iPhone 14 at India. This is as the tech giant shifts some of its production away China to mitigate risks from growing tensions between Washington, Washington, and Beijing.
TrendForce predicts that India will account more than 5% of Apple’s production by 2023 and that this share will increase over time.