Citi cuts Q1 iPhone production estimates on weak demand

Citi cuts Q1 iPhone production estimates on weak demand

The location for the manufacture of the high-end iPhones will likely be Foxconn's plant in Sriperumbudur town, in the southern state of Tamil Nadu, said the source.

The analyst has almost halved expectations on the top-end iPhone XS Max while expecting the Cupertino company to produce 45 million iPhones for the quarter, down from its earlier forecast of 50 million. The investment will create 25,000 local jobs too, according to Tamil Nadu's Industries Minister M C Sampath.

"It appears that iPhone XR did serve to attract current Android users", CIRP partner and co-founder Mike Levin said.

Apple did not immediately respond to a Fortune request for comment on the report. Additionally, it is also not confirmed whether the production will be confined to assembly or include some component production in the country. "But, based on the pricing and features, we can infer that Apple positioned the iPhone XR to appeal to potential operating system switchers from Android". Furthermore, India is "the world's fastest growing major mobile phone market", according to the Reuters report.

Temporary reprieve for Sears as chairman submits bid to buy retailer
Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the U.S. That's in addition to the closure of 46 unprofitable stores that had already been announced on October 15.

The decision to move assembly from China to India could be prove to be critical to keeping iPhone costs down.

Foxconn has previously admitted the China-U.S. trade spat was its biggest challenge and that its senior executives were making plans to counter the impact. The American tech giant is looking to steer the business to a new level as far as the Indian market is concerned.

"This year, Apple launched the more expensive models earlier, presumably trying to catch early demand from the most loyal customers".

But despite these developments, Apple would be concerned about the declining sales of iPhones overall.

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