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TechCrunch is reporting from a source in Apple that Foxconn, the Taiwanese electronics giant, that is contracted to build and assemble the first generation of Apple’s magical mobile device has taken production to an increased level of 800,000 units per week. At this rate the company is set to churn out 3.2 million iPhones per month and 38.4 million iPhones in a calendar year.

The current rate of production is above and beyond the current full time production capacity of Foxconn, but the company is forced to ramp up production amidst explosive demand. Foxconn is planning to take these production levels to unprecedented levels over time. But even with the current rate, Foxconn factories will be producing roughly 13 million more iPhones than the estimated 25 million units, that were expected to be sold over the entire life time of iPhone 3G.

The current global mobile phone market is estimated at over 1 billion units, with Nokia bagging 435 million units in 2007, according to Gartner. If Apple manages to sell 40 million iPhones in a year it would capture 4% of the entire mobile phone market just within 2 years of entering the space.

Apple is aggressively adding more countries to its list of iPhone availability. Currently iPhone is available in 23 countries, but this is expected to reach a tally of 73 with 50 new countries to be added before the end of this year.

Apple is also expected to launch iPhone Nano before christmas to ensure that people with small pockets and budgets could also get their hands on the device. Seems pretty obvious that Foxconn would have to do an exceptional job of churning out truck loads of iPhones in times to come.