Apple is offering rare discounts on its iPhones in China, cutting retail prices by as much as 500 yuan ($70) amid growing competitive pressure in the world's biggest smartphone market.
The US tech giant cut prices of some iPhones by 5%, its Chinese website showed on Monday. The time-limited promotion, branded as a Lunar New Year event, will last from January 18 through January 21 in a lead-up to the holiday in mid-February.
Sales of Apple's latest iPhone 15 series of handsets have been far worse than previous models in China.
Home-grown rivals such as Huawei Technologies and Xiaomi offer competitive models, while sources have said some companies and government departments have been limiting staffers' use of Apple devices - mirroring US government restrictions of Chinese apps on security grounds.
Chinese iPhone sales dropped 30% in the first week of 2024 versus the same period a year earlier, Jefferies analysts said in a client note, having fallen 3% for all of 2023. Analysts expect the competitive landscape to get tougher this year.
Apple has not cut prices for its latest iPhones in years. The cuts come after it surprised the market by not raising prices for the iPhone 15 series at its September launch.
Online shopping platforms including Pinduoduo have been slashing prices of the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year.
Nicole Peng, senior vice president of market research firm Canalys, said the discounts did not come as a surprise as Apple is under pressure to boost sales globally, and especially in China, amid intensifying competition and Apple fans' growing reluctance to upgrade.
"It is clear that Huawei is making a comeback," Peng said, "Some Chinese consumers may return to using Huawei as driven by patriotism."
Canalys expects Apple sales this year to stay flat worldwide while suffering a slight decline in China.
Apple did not respond to a request for comment.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Watch: PM Modi Meets Team India After Their Big World Cup Win
Labour Officials Visit Foxconn iPhone Plant, Question Executives About Hiring [Exclusive] Snapdragon Chipsets Ready to Offer Apple-Like ChatGPT Integration, Says Qualcomm CMO Don McGuire Over 3 Million iOS, macOS Apps Found at Risk Due to CocoaPods Security Breach: Report Kirodi Lal Meena Quits As Rajasthan Minister, Fulfills "If BJP Loses" Promise Nobody Can Expect To Escape: Kiren Rijiju On Notice Against Rahul Gandhi "If Baba Has Powers...": Victims Of Hathras Tragedy Mourn, Pick Up Pieces "If I Find My Mother...": A Son's Desperate Hunt After Hathras Stampede Triumph Speed 400 And Scrambler 400 Offered With Discounts Of Rs. 10,000 100 Roads Blocked, Rivers Cross Danger Mark In Uttarakhand After Heavy Rain Track Latest News Live on NDTV.com and get news updates from India and around the world.