Investing.com — Apple Inc (NASDAQ:AAPL) began 2025 on a shaky note, with shares dropping 3% in the first trading session after gaining more than 30% last year. The decline comes as the company announced discounts of up to 500 yuan ($68.50) on its latest iPhone models in China.
The four-day promotion, running from Jan. 4 to Jan. 7, applies to several iPhone models, Apple’s website showed.
Flagship models, including the iPhone 16 Pro and Pro Max, priced at 7,999 yuan and 9,999 yuan respectively, will see the largest discounts of 500 yuan. The iPhone 16 and 16 Plus are set for reductions of 400 yuan, while older iPhone models will receive discounts ranging from 200 to 300 yuan.
The move comes as Apple grapples with a cautious consumer base amid China’s slowing economy and deflationary pressures. In November, China’s consumer inflation fell to a five-month low, reflecting subdued spending.
Apple’s market share in China, the world’s largest smartphone market, has been under pressure as local manufacturers ramp up competition. Huawei’s resurgence with its new Mate series has particularly challenged Apple’s dominance.
The promotion extends beyond iPhones, including discounts on MacBook laptops and iPad tablets, as Apple aims to bolster sales across its product lineup in a challenging economic environment.