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Man holding Apple bag outside an Apple store

A person holding an Apple bag exterior an Apple retailer in Shanghai, China, September 22, 2023
Picture: Aly Track/File Picture (Reuters)

Apple CEO Tim Cook dinner is in Shanghai, China, the place a new Apple store is opening Thursday amid slumping iPhone gross sales within the nation in the course of the first six weeks of the yr.

Cook posted about his trip to Shanghai on the Chinese language social media platform Weibo, the place he wrote concerning the new Apple retailer, having breakfast with Chinese language actor Zheng Kai, and visiting the Apple Nanjing East Street retail retailer.

The tech large is opening a retailer in Shanghai’s Jing’an district with a team of over 150 people, based on a press release.

Nevertheless, iPhone gross sales within the nation fell 24% year-over-year within the first six weeks of 2024, based on a report by Counterpoint Analysis. The iPhone’s declining gross sales have been partly to do with “abnormally excessive” iPhone gross sales throughout the identical interval the earlier yr pushed by manufacturing points in December 2022. The iPhone maker can also be coping with homegrown competitors from China’s Huawei, which noticed a resurgence in gross sales after releasing a brand new collection of smartphones.

Apple gross sales have been “getting squeezed within the center on aggressive pricing from the likes of Oppo, Vivo, and Xiaomi” — different Chinese language smartphone rivals — based on Mengmeng Zhang, a senior analyst at Counterpoint Analysis. “Though the iPhone 15 is a good gadget, it has no vital upgrades from the earlier model, so customers really feel wonderful holding on to the older-generation iPhones for now,” Zhang mentioned in a press release.

In October, Cook dinner traveled to Chengdu, China amid a weak start to iPhone 15 sales in the country. Gross sales for Apple’s newest iPhone have been down 4.5% in contrast with the iPhone 14 in the course of the first 17 days of it being on sale within the nation, based on Counterpoint Analysis. On Friday, Apple agreed to a $490 million settlement over a class-action lawsuit towards Cook dinner, claiming he defrauded shareholders by not disclosing that demand for iPhones was falling in China throughout an investor name in November 2018, Reuters reported.

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