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China is teaching the likes of Apple and Tesla a very painful business lesson (Apple sales down approx. 24% in China. January to February 2024, Tesla suffers huge slump in China Sales) Below excerpt reported by Chowdhury. H. and Batarags. L. (2024, March 1). China is teaching the likes of Apple and Tesla a very painful business lesson. Business Insider 'Apple's been struggling to get new iPhones into the pockets of Chinese consumers, with data from Counterpoint Research showing that sales plummeted by 24% in the first six weeks of the year.' 'Tesla, meanwhile, suffered a huge slump in shipments from its Shanghai gigafactory last month, with 60,365 vehicles shipped, Bloomberg reported. That's 16% lower than its shipments in January and 19% lower than the same month last year, data from the China Passenger Car Association shows.' 'Last year, the Chinese government banned the use of iPhones for officials, making it less appealing to have one. Investors responded by wiping $200 billion from Apple's value.' 'That ban coincided with the launch of Huawei's Mate 60 Pro, a locally made 5G smartphone that many saw as a breakthrough device that rivaled the iPhone's capabilities — despite export bans preventing the use of industry-leading US components.' To read full article, click here Photo by Jimmy Jin on Unsplash Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates.