The iPhone Duo enters China’s crowded foldable market
Apple's new iPhone Duo faces a lukewarm reception in China, where consumers are wary of its high price point compared to established local foldable competitors like Huawei and Xiaomi. Despite the launch, Apple faces stiff competition in a market where foldable technology is already mature.
Why it matters
China is a critical market for Apple, and the company's ability to compete in the premium foldable segment is a key indicator of its future growth in the region.
Apple 's first folding phone is getting a tepid response Chinese consumers that are focused more on how much it costs versus existing foldables from domestic rivals.
"I won't buy it this year. I'll buy the second-generation foldable next year," one user on social media platform WeChat said, according to CNBC's translation, after Apple announced the iPhone Duo at an event on Wednesday. It's priced at 15,999 yuan ($2,230) in China.
U.S. consumers "earn US$3,000 to US$4,000 a month and buy it for US$1,999. We earn 3,000 to 4,000 yuan and spend 10,000 yuan on it," one commenter wrote on a WeChat video review translated by CNBC.
Apple shares climbed more than 3% after the launch event.
But the company faces a key test in its third-biggest market of Greater China, which generates around 17% of total revenue and is one of the world's most competitive foldable-phone markets.
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