Benzinga - by Anusuya Lahiri, Benzinga Editor.
Apple Inc (NASDAQ:AAPL) is set to debut its Vision Pro headset in China within the year, as confirmed by CEO Tim Cook during his engagement with Chinese state media.
The announcement, made through a video shared on a CCTV account on Weibo, showcases Cook’s affirmation of the headset’s imminent launch.
Initially introduced in the United States in February with a base price of $3,500, the Vision Pro represents Apple’s foray into the virtual and augmented reality headset market, CNBC reports.
In the competitive Chinese market, Apple’s Vision Pro will go head-to-head with established local brands, including Pico, a company under the umbrella of ByteDance, the parent company of TikTok.
Cook’s announcement coincides with his recent visit to China, where he inaugurated a new Apple store in Shanghai and participated in the China Development Forum in Beijing.
Throughout his visit, Cook expressed unwavering confidence in the Chinese market, highlighting his admiration for the country’s potential, culture, and people.
During the initial six weeks of the year, iPhone’s market position in China dropped to fourth, with sales declining by 24%.
Despite experiencing sales dips in a market that shrank by 7%, Huawei Technologies Co enhanced its market share to 16.5%, driven by the popularity of its Mate 60 Pro series and increased nationalist purchases.
In response to a slowing market that impacted iPhone sales, Apple launched uncommon discounts in January.
However, despite these price reductions and significant discounts on the iPhone 15 series, Apple’s revenue in China saw a 13% decrease to $20.8 billion in the December quarter, indicating a pronounced decline.
Apple stock gained 9% in the last 12 months. Investors can gain exposure to the stock via Vanguard Information Tech ETF (NYSE:VGT) and SPDR Select Sector Fund – Technology (NYSE:XLK).
Price Action: AAPL shares are trading lower by 0.35% at $171.67 premarket on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Apple
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