iPhone and iPad giant Apple Inc has announced that the company is aiming to sell 25 million iPhone 5 by the end of 2011.

The Cupertino-based, who previously aimed at selling 15 million units, has drastically increased the desired number overnight.

The rumored smartphone is expected to hit the market in September this year and the company is looking forward to build and ship 300,000 iPhone 5 a day.

An unnamed source told the Wall Street Journal Apple's sales estimate of the new iPhone is quite aggressive. It told us to prepare to help the company meet its goal of 25 million units by the end of the year. The initial production volume will be a few million units... we were told to ship the components to assembler Hon Hai in August.

Apple, previously, sold more than three million iPhone 4 during the first 21 days of the smartphone’s release in June 2010 and about 19 million units in the last quarter, the ITProPortal reported.

Apple’s 4G LTE iPhone 5 is rumored to flash a dual-core A5 processor, 8MP camera with dual-LED flash, tear-drop design and glasses-free 3D viewing.