Apple reduces prices of all iPhones, here are the new rates

Apple has reduced the prices of its pro iPhone models by 3% to 4% following the government’s decision to slash import duties on imported smartphones from 20% to 15%.

The price cuts range from approximately $3.6 for the iPhone 13, iPhone 14, and iPhone 15, to $27.5 for the iPhone SE, and up to $72 for the iPhone 15 Pro and Pro Max.

This is the first time Apple has lowered prices on current-generation Pro models in India. The move comes as Apple faces a slowdown in demand for iPhones in China, with shipments declining by 6.7% in the quarter ended June, according to market research firm Canalys.

Despite the price reduction, iPhones remain relatively expensive in India, with the cheapest iPhone 15 Pro model costing $1,550, compared to $999 in the US.

However, India has emerged as a crucial market for Apple, with revenue jumping 42% to $8.7 billion in 2023, and smartphone shipments climbing 39% to 9.2 million units.

Apple’s market share in India has also surged, reaching double digits in Q4 last year, although it has since fallen.

The company has planned to start assembling pro models of its next-generation iPhone in India this year, according to reports. Google has also announced plans to manufacture its Pixel smartphone lineup in India starting 2024.

Earlier it emerged that tech giant Apple is reportedly working on a foldable iPhone, expected to hit the market as early as 2026.

This innovative design revamp could be the most significant hardware overhaul for the company’s flagship product since its inception in 2007.

According to sources, Apple has reached out to Asian suppliers to manufacture components for the novel device, codenamed “V68.”

The foldable iPhone is said to feature a clamshell design, similar to Samsung’s Galaxy Z Flip, which folds vertically from top to bottom.

The development comes as Apple faces increasing competition from rivals like Samsung, Honor, and Huawei.