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Apple Inc. shares AAPL,
rose 3.2% in morning trading on Tuesday after Nikkei Asia reported that the company intends to produce between 95 and 96 million iPhones during the first half of 2021, marking an increase of nearly 30%. Over the previous year. The company’s smartphone production targets cover the newest iPhone 12 models, as well as older devices like the iPhone 11 and iPhone SE. Nikkei Asia noted that industry-wide supply shortages could affect Apple’s ability to meet its production targets. Overall, the company’s plans shared with vendors suggest a production target of up to 230 million smartphones over the course of 2021, which would represent a 20% increase over 2020 totals, Nikkei Asia reported, citing multiple unidentified sources. Apple did not immediately respond to a MarketWatch request for comment. Wedbush analyst Daniel Ives wrote that the report was “another bullish sign” in demand for the iPhone 12 devices that Apple launched this fall. “With more order activity in recent weeks for the iPhone 12, our initial readings are very optimistic and give us greater confidence in our thesis of the supercycle on the iPhone 12,” he wrote. Apple shares are up 71% so far this year as the Dow Jones Industrial Average DJIA,
it has increased by 4.9%.
