Consumer electronics giant Apple (AAPL) plans to release five new iPhone models over the next 12 months as it looks to boost its market share.
The new iPhone models will be released between the second half of this year and the first half of 2027 and are reported to include the first foldable version of the device.
Media reports say that Apple has instructed its suppliers to prepare to produce 10 million foldable iPhones this year, up from an earlier forecast of seven million units.
Apple’s total smartphone production for this year is expected to exceed 220 million units. The increased production comes despite global shortages of memory chips and other components.
Apple’s iPhone production this year is more than double the 100 million smartphone units being planned by Chinese rivals such as Xiaomi, Oppo, and Vivo.
The component shortage is being driven by strong demand from artificial intelligence (A.I.) data centres that are gobbling up memory chips and other parts.
In addition to its traditional iPhone release this September, Apple also plans to introduce at least two new iPhones in the first half of 2027, including the standard iPhone 18 and new iPhone Air.
In the last week, Apple implemented price increases for its MacBook and iPad devices, citing rising component costs.
AAPL stock has risen 39% in the last 12 months to trade at $294.38 U.S. per share.
