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Apple plans iPhone trade-in with Foxconn in China

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LONDON (ShareCast) - Apple (NasdaqGS: AAPL - news) has planned to launch a trade-in process for Chinese iPhones, partnered with the Foxconn Technology Group, according to Bloomberg. The new program would permit customers to swap old iPhones for credit at Apple stores to put towards new iPhones.

Consumers will be able to do that from 31 March, reports have claimed, in a push to help China overtake the US as Apple's largest market.

In the final quarter of 2014, Apple achieved a record profit of $18bn. Chief executive Tim Cook noted that he was working to double the number of Apple stores in Greater China (HKSE: 0431.HK - news) by mid-2015.

The new Chinese program will involve FoxConn purchasing iPhones directly and repairing the devices where required before re-selling them online.

Both Apple and Foxconn have yet to release statements on their partnership or the creation of this China program.