The sluggish demand for Apple’s (NASDAQ: AAPL) iPhones in China is leading to many third-party retailers including JD.com (JD), China Mobile, and Suning offering discounts as much as up to 10% discounts on the iPhone 14 Pro.
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Currently, these retailers are selling the iPhone 14 Pro basic model for $1,062 or 7,199 yuan which is 800 yuan cheaper than the iPhone 14 Pro price on the official Apple China website, according to Reuters.
Apple has seen its iPhone sales slowing down considerably in China hitting 286 million in 2022 with sales down 14% in the fourth quarter, according to data from research firm Canalys.
While Apple’s iPhone manufacturing in China had suffered disruptions last year due to stringent lockdowns due to COVID-19, the company’s CEO, Tim Cook had been hopeful that these disruptions seem to be behind it and “production is now back where we want it to be.”
Analysts continue to remain bullish on AAPL stock with a Strong Buy consensus rating based on 24 Buys and five Holds.