Update on September 15 at 3:08pm ET: Sony denied the Bloomberg report that said the company reduced its PS5 production expectations by 4 million units. The console maker didn't provide any specific figures, only stating that the report was "false."
“While we do not release details related to manufacturing, the information provided by Bloomberg is false,” Sony told Gameindustry.biz. “We have not changed the production number for PlayStation 5 since the start of mass production."
Sony has reportedly lowered PS5 production expectations from 16 million units to 11 million units by the end of March, according to a Bloomberg report. The four million unit reduction was reportedly caused by production issues with the custom-designed system-on-a-chip (SoC).
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The company had initially increased production in July in an attempt to accommodate the increased demand for gaming hardware caused by the coronavirus pandemic. However, SoC yields as low as 50% and other issues have hurt Sony's ability to ship as many PS5s as intended.
Things are getting back on track for Sony as yields are improving, however, production has not yet hit a stable level.
PS5 price and release date
According to Bloomberg Intelligence analyst Masahiro Wakasugi, the PS5 could be priced as low as $449 for the standard edition and $400 for the Digital-only version. Those prices would undercut the Xbox Series X, which Microsoft will sell on November 10 for $499.
There have been reports suggesting Sony lowered the price of its console in response to the Xbox Series X and Xbox Series S reveal. The latter console, a less powerful version of the Series X, will cost only $299 when it launches in November. While we haven't verified those claims, it would be a shock to the industry if the PS5 were priced above the more powerful Xbox Series X.
As for when the PS5 and PS5 Digital will be released, all signs point to a mid-November launch. Xbox will release both of its consoles on November 10; Sony can't afford for gamers to snatch up its rival's hardware for the holiday season before the PS5 even ships.
The Bloomberg report suggests Sony could struggle to fill demand for the PS5 in the first few months of launch. If you're not among the lucky few to get hand-picked by Sony to pre-order the PS5, then start practicing typing your credit card info because this console could sell out quickly.