Prices for iPhones have dropped 10% to 20% on China’s big e-commerce platforms over the past few days, a major shift for a company that sees premium prices as a crucial part of its branding.
The iPhone 8 now sells for 3,999 yuan ($591) on JD.com, a reduction of 600 yuan, Chinese news outlets say. The platform posted on social media that it also will cut prices for the newest iPhone XR by over 1,000 yuan on Monday.
Sales in China have slowed more sharply than anticipated, prompting Apple to downgrade revenue guidance for the first time since the flagship phone hit the market and allow rare discounts despite the risk of undermining its image.
“Apple told us that it will lower wholesale prices,” a source at a Chinese e-commerce platform said. Local media have reported that the American tech company gave the notice on Tuesday.