Apple Reportedly Halts Additional iPhone XR Production

The company suggested it would miss analysts' earnings targets for the usually busy holiday season, with demand in emerging markets lower than expected.

A report by Nikkei claims that Apple has told iPhone assemblers Foxconn and Pegatron to abandon plans to increase iPhone XR production capacity.

Apple's market capitalisation (M-Cap) or market value slipped below the $950-billion mark as shares of the iPhone maker fell, news agency Reuters reported.

Wistron, one of Apple's lesser known iPhone assemblers, was reportedly asked to remain on standby for production of the iPhone XR earlier in the year, but will not be receiving any orders to produce more iPhones.

Apple's Asian suppliers tanked after a bruising day of trading after a negative report about the iPhone XR sent Apple tumbling. Apple had introduced the iPhone XR, made of aluminum, along with two other models, the XS and XS Max, in September this year.

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"Suppliers of iPhone 8 and iPhone 8 Plus are getting a combined order of around 5 million more units", Nikkei report quotes a source as saying.

Ives reaffirmed his $310 price target for Apple's stock, representing more than 50% upside to the current stock price. Apple's willingness to raise its prices across the board is a testament to just how strong a product the iPhone X was. The cheaper, plastic-backed iPhone didn't sell well at all, and Apple reduced supply expectations a month after it released.

Pegatron apparently faces a similar situation, suspending plans to ramp up production of the iPhone XR and simply awaiting further instructions from Apple at this time. "Starting with iOS 12.1, iPhone 8, iPhone 8 Plus, and iPhone X include this feature, but performance management may be less noticeable due to their more advanced hardware and software design", reads the support page. Originally Apple had ordered 20 million of the last generation model but has since raised the order to 25 million.

Indeed, it was widely hailed as the unexpected hit of Apple's 2018 iPhone event.

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