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Under the program, consumers will be able to
exchange older iPhones at Apple stores in China for credit
against the company's products starting March 31, Bloomberg
reported. (http://bloom.bg/1bvwRH4)
Chinese demand for larger-screen iPhones helped fuel Apple's
record profit of $18 billion in the final quarter last year.
Apple Chief Executive Tim Cook has said China is poised to
overtake the United States as the company's biggest market, and
he is working to about double the number of stores in Greater
China by the middle of next year, Bloomberg reported.
Under the China program, Foxconn will buy the iPhones directly,
without Apple taking ownership, and repair the devices if needed
before selling them on its e-commerce websites such as FLNet and
on Alibaba Group Holding Ltd's Taobao online store.
Foxconn, a key Apple supplier, is also in talks to sell the
older iPhones in physical stores and may take the trade-in
program online in future.
The China plan follows an expansion of a similar program in the
United States, where the company has started accepting non-Apple
devices, Bloomberg reported.
Major U.S. wireless carriers including Verizon Communications
and Sprint Corp last year offered subscribers schemes under
which they could trade their old iPhones for new ones.
The China trade-in program currently involves only Apple phones,
Bloomberg reported, citing one of the people.
Apple declined to comment and Foxconn could not be reached for
comments immediately outside regular business hours.
(Reporting by Rishika Sadam in Bengaluru; Editing by Anupama
Dwivedi)
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