The iPhone 15‘s production costs are appreciably higher than those of last year’s iPhone 14 models, marking record high component prices that Apple could pass onto customers in 2024, Nikkei Asia reports.

The iPhone 15 Pro Max is calculated to cost $558, a 12% increase over the ‌iPhone 14‌ Pro Max model released in 2022. This is a record high for the total cost of an iPhone‘s components. From 2018 to 2021, the total cost of parts for Apple’s ‌iPhone‌ “Pro Max” models ranged from $400 to $450. Component costs rose around 20% in 2022 before reaching today’s record high of $558.