Multiple media reports say that Apple (AAPL) is cutting production of its new iPhone 18 due to weak consumer demand for the smartphone.
Apple has reportedly told suppliers to cut production of components for the iPhone 18 Pro and Pro Max models due to soft demand globally.
News of the weak demand and production cut come a month after Apple announced the newest versions of its iPhone, including its first foldable smartphone called the “Duo.”
Suppliers and analysts are blaming the company’s price increases for the weak demand among consumers.
Apple raised prices across its lineup of iPhones as it grapples with surging costs for memory chips and processors.
The iPhone 18 Pro has a starting price of $1,199 U.S., while the iPhone 18 Pro Max starts at $1,299 U.S. The foldable iPhone Duo’s price starts at $1,999 U.S.
Unlike past years, Apple has not released a more affordable iPhone 18, although a cheaper standard model is expected to arrive next year and cost about $799 U.S.
Apple has not publicly said that it has reduced production of its new iPhone models, but media reports quote suppliers who say they’ve been told to scale back.
A lot is riding on Apple’s latest iPhone launch, which incorporates a new artificial intelligence (A.I.) enabled Siri digital assistant.
Analysts are eagerly awaiting sales data for the foldable Duo iPhone, which is the biggest change to the smartphone in years.
The iPhone 18 lineup is the first product launch under Apple’s new CEO John Ternus, who took over from Tim Cook on Sept. 1 of this year.
AAPL stock has gained 34% over the past 12 months to trade at $340.42 U.S. per share.
