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Apple Inc. (NASDAQ:AAPL) has cut prices on the latest iPhone models in China. This comes ahead of a big online shopping festival with the Chinese economy picking up steam after COVID-19 lockdowns.
What Happened
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Apple’s channel partners Alibaba Group Holding Ltd (NYSE:BABA) owned e-commerce website Tmall, and JD.com Inc. (NASDAQ:JD), an official reseller, are offering steep discounts on iPhones in China during the 6.18 shopping festival.
On Tmall, prices have been cut for the iPhone 11 64GB model that is selling for $670, 13% less expensive than the original price of $772. The iPhone 11 Pro is going for $1,063 instead of $1,220. The iPhone SE is being sold for $435 instead of $463.
As of Monday, price cuts are even steeper on JD.com, with the iPhone 11 Pro Max selling at $1,052, a 21% discount on the full price.
A JD spokesperson told CNBC that prices vary day-by-day during the 6.18 shopping festival, but discounts are available each day.
Why It Matters
The 6.18 shopping festival, which lasts several days, begins on June 18, and this is only the second time Apple is taking part in it, reported CNBC.
Third-party resellers are offering discounts as well, on both JD.com and Tmall, an indication of the fierce competition among China’s retailers as they compete for sales.
Apple has sold 3.9 million iPhones in China since April, a 160% increase from March. Sell-in shipments, which refer to sales made to retail partners, rose 30%, up to 3 million in April over March.
Price Action
Apple shares traded 0.34% lower at $320.75 in the after-hours session on Monday. The shares had closed the regular session 1.23% higher at $321.85.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.