The Vision Pro, priced at $3,500, was launched in June 2023|Miyako Fujimiya|CC BY-SA 4.0

Apple has sharply scaled back its Vision Pro production since summer and might halt making the existing version by year-end, the Information reported Wednesday.

The Vision Pro, priced at $3,500, was launched in June 2023 but hasn’t been selling at the rate the company expected. Budget-conscious customers are more likely to pick up Meta’s Quest 3, which costs $500.

The iPhone maker reportedly told Luxshare, its device assembler, that it might need to wind down manufacturing in November.

Analysts believe fewer than 500,000 Vision Pros will be sold in 2024 due to its high cost and limited apps.

However, Apple’s CEO, Tim Cook, remains hopeful that the product will improve over time.

The company is now focusing on creating a more affordable version of the Vision Pro, which could come out before the end of 2025.

Apple is set to announce its fourth-quarter financials on October 31. It projects earnings of $1.55 per share on revenue of $94.26 billion.