To boost sales in China, Apple Inc. (NASDAQ:AAPL) has raised the trade-in prices for iPhones in the country. This move comes as the tech giant faces intensified competition from local rivals.
What Happened: Apple has increased the trade-in value for the iPhone 15 Pro Max to 5,700 Chinese yuan ($791), up from 5,625 yuan ($780.78). Similarly, the iPhone 15 Pro’s trade-in value has been raised to 4,750 yuan ($659.33) from 4,725 yuan ($655.86), reported CNBC.
Trade-in prices refer to the amount of money people in China can receive toward a new iPhone by exchanging their old device.
These adjustments apply to other iPhone models as well. Despite being relatively modest, these changes reflect Apple’s ongoing efforts to stimulate sales in China, its second-largest market. The company has been grappling with declining market share and sales due to fierce competition from local competitors like Huawei and Xiaomi.
During the first quarter of this year, Apple’s China shipments dropped by 8% year-on-year, with its smartphone market share in the country falling from 15% to 13%, as per data from Canalys. Apple’s sales in its Greater China region, which includes Hong Kong and Taiwan, also experienced a slight annual decline.
Why It Matters: Apple’s struggles in China have been well-documented. The company has been facing challenges not only in terms of sales but also regarding its supply chain and products. There have been discussions about imposing special duties on chips and other electronics, which could further impact Apple’s operations in China.
Apple’s efforts to incorporate artificial intelligence features in iPhones sold in China through a potential partnership with Alibaba Group Holding Ltd (NYSE:BABA) have also drawn concern from both the White House and Congress due to national security risks and the potential amplification of Chinese tech capabilities.
In a latest development, President Donald Trump, on Friday, has threated Apple CEO Tim Cook to manufacture iPhones in the U.S. or face at least 25% tariffs.
On a year-to-date basis, Apple stock plunged 17.4%.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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