Assembly lines at Apple Inc's major suppliers are set to run in full gear as the company ramps up its 5G iPhone orders to 75 million pieces for the latter part of the year.
The production volume is an indication that demand for the tech group's flagship device is unfazed by market forces, particularly a recession brought about by the coronavirus pandemic.
Apple expects to roll out at least 80 million iPhones before the year ends, as it looks to introduce four new versions of the gadget next month featuring a new look and faster 5G speeds, sources said.
A report by Bloomberg disclosed that Apple is also planning to unveil a new product lineup in the fall, including the next-generation iPad Air, the two latest types of Apple watches, a HomePod speaker system, and never-before-seen headphones.
Suppliers of the Cupertino, California-based tech giant aimed for around 75 million iPhone parts in 2019, the same volume they had in the previous year. Nearly 50 percent of the company's sales are derived from its most important device, the iPhone.
Apple's major suppliers include LG Display and Taiwan Semiconductor Manufacturing Co (TSMC). Other major suppliers are lens maker Largan Precision Co., and headphones manufacturer Goertek Inc.
Apple's iPhone sales beat estimates by Wall Street analysts in the latest quarter. Shares of the company have skyrocketed more than 75 percent so far this year, making Apple the first American entity to exceed $2 trillion in market value. Its stock settled at 134.18, up 3.98 percent on NASDAQ as of Sept. 1.
The company's stock market rally registered a new record as Apple's market value displaced that of the entire FTSE 100 benchmark of London-listed companies. The FTSE, comprised of powerhouse groups like banking titan HSBC, oil giant Royal Dutch Shell, and consumer goods conglomerate Unilever, is currently valued at around 1.5 trillion pounds.