iPhone 15 Costs More in China and India Compared to US Despite Local Manufacturing and Assembly

Apple Inc AAPL showcased its latest iPhone 15 range with price adjustments that vary by market. 

In its home country, the U.S., prices for all models and storage configurations remain unchanged from the previous iPhone 14. However, Apple has opted to raise prices for specific models in key markets like China, Japan, and India.

Also Read: Huawei's Re-emergence Is Not A Threat To Apple's Strong Ecosystem

In China, which represents nearly 20% of Apple's total sales, prices for most iPhone 15 models have increased, particularly for higher storage options. 

For example, the 512GB iPhone 15 now costs 300 Chinese yuan more than the iPhone 14. 

In India, Apple has kept the iPhone 15 and iPhone 15 Plus prices stable but increased the prices for all iPhone 15 Pro and Pro Max models, CNBC reports.

The price hikes in China and India are partly due to the depreciation of their respective currencies against the U.S. dollar over the past year. 

The Pro models are more likely to be imported than locally manufactured in India, incurring higher import taxes. 

However, these price increases primarily affect the more expensive models and may not significantly impact consumer sentiment among premium smartphone buyers.

Apple's pricing strategy for the iPhone 15 appears cautious, with modest price increases. 

This approach comes as Apple aims to maintain revenue growth amid challenges in the smartphone market. While global smartphone shipments will likely decline, higher prices targeting the wealthier consumer segment may help support Apple's revenue. 

The company has also introduced price cuts in specific markets, like the U.K., where the iPhone 15 is £50 cheaper than its predecessor, the iPhone 14.

Meanwhile, Apple faced a lackluster response to its annual iPhone release in China, highlighting growing challenges in one of its key markets.

The event attracted millions of views on Weibo, a central Chinese social media platform. Still, it failed to become a trending topic among Weibo's vast user base, the Wall Street Journal reports.

Price Action: AAPL shares traded lower by 0.39% at $175.61 on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.