Apple announces reduced production of iPhone 13

Apple shares have fallen after reports that it will be drastically reducing production of the iPhone 13 models due to a shortage of computer chips around the world.

The company was expected to produce 90 million iPhones in the last quarter of this year, but is now informing partners that it is likely to produce 10 million fewer.

In September Apple announced four new models: iPhone 13, iPhone 13 mini, iPhone 13 Pro and iPhone 13 Pro Max

The lack of chips, known as semi-conductors, is affecting the production of other electronic equipment, such as playstations, dog grooming machines and even cars, so much so that an increase in sales of used car is being reported.