Apple CEO Tim Cook Signed $275-Billion Deal to Placate China

China is one of Apple's largest markets with annual sales growth of 83 percent in the country in its fiscal fourth quarter.

Apple CEO Tim Cook Signed $275-Billion Deal to Placate China

The five-year agreement was made when Tim Cook made visits to China in 2016

Highlights
  • Tim Cook lobbied Chinese officials
  • Some of investment in China would go toward building new retail stores
  • Apple promised to use more components from Chinese suppliers
Advertisement

Apple CEO Tim Cook signed an agreement with Chinese officials, estimated to be worth about $275 billion (roughly Rs. 20,75,700 crore), to placate threats that would have hobbled its devices and services in the country, The Information reported.

Apple did not immediately respond to a Reuters request for comment.

The five-year agreement was made when Cook made visits to China in 2016 to quash a host of regulatory action against the company, the report said, citing interviews and internal Apple documents.

Cook lobbied Chinese officials, who believed the company was not contributing enough to the local economy, and signed the agreement with a Chinese government agency, making concessions to Beijing and winning key legal exemptions, the report added.

Some of Apple's investment in China would go toward building new retail stores, research, and development centres and renewable energy projects, the report said, citing the agreement.

China is one of Apple's largest markets with annual sales growth of 83 percent in the country in its fiscal fourth quarter.

As part of the agreement, Apple promised to use more components from Chinese suppliers in its devices, sign deals with Chinese software firms, collaborate on technology with Chinese universities and directly invest in Chinese tech companies, the Information report said.

© Thomson Reuters 2021


Will Snapdragon's new 2022 chips make it more prominent as a brand? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Apple, Tim Cook
Moto Edge X30 Official Renders Tease Rear Design, Triple Camera Setup Ahead of December 9 Launch
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »