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Consumer electronics giant Apple (AAPL) is starting the New Year by offering discounts on its newest iPhones in China.
The discounts come ahead of Chinese New Year celebrations in the nation of 1.4 billion people, and as Apple grapples with increased competition in its second largest market.
Apple is giving customers 500 Chinese yuan ($68.50 U.S.) off the iPhone 16 Pro or iPhone 16 Pro Max, and 400 yuan off the iPhone 16 or iPhone 16 Plus.
The company is providing similar discounts on the iPhone 14 and iPhone 15.
Apple is providing the discounts to boost sales as competition intensifies with domestic Chinese smartphone maker Huawei and other domestic brands.
Smartphone shipments from Apple declined 6% year-over-year in mainland China during the third quarter of 2024, according to data from Canalys.
Apple’s share of the smartphone market in China fell to 14% from 16% a year earlier in Q3.
Huawei saw its shipments rise 24% year-over-year, Canalys data shows, while the company’s market share increased to 16% from 13% a year earlier in the third quarter.
Huawei, which was once the number one smartphone company in the world before U.S. sanctions hurt its handset business, has aggressively launched new devices since late 2023.
Last year, Huawei unveiled a first-of-its-kind trifold phone that has proven popular with consumers.
The stock of Apple rose 35% in 2024 to trade at $250.42 U.S. per share.
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