Apple plans iPhone trade-in with Foxconn in China

Apple plans to launch a trade-in process for Chinese iPhones, in partnership with the Foxconn Technology Group, according to Bloomberg.

The new programme would permit customers to swap old iPhones for credit at Apple stores to put towards new iPhones.

Consumers will be able to do so 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 reached a record profit of $18bn. Chief executive Tim Cook noted that he was working to double the number of Apple stores in Greater China by mid-2015.

The new Chinese drive 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 confirming the move.