From Nasdaq:

Apple is offering rare discounts on its iPhones in China, cutting retail prices by as much as $70 amid growing competitive pressure in the world’s biggest smartphone market. The U.S. tech giant cut prices of some iPhones by 5%, its Chinese website showed on Monday, in a time-limited promotion that will last from Jan. 18 through Jan. 21.

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 have been offering competitive models, while analysts expect the competitive landscape to get tougher this year.

Chinese iPhone sales dropped 30% in the first week of 2024 versus the same period a year earlier. 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 cutting prices for the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year. Apple did not respond to a request for comment.



Read more: Apple offers iPhone 15 at rare discount in China as competition intensifies