Apple Quietly Releases New iPad in China
Apple Inc. (NASDAQ:AAPL) finally released their third-generation iPad tablet computer in China just this Friday. Unlike previous iPad launches in China, this was a simple release event with little fanfare and much less frenzy as compared to previous iPad launches.
Customers lined up in an orderly fashion in Shanghai and Beijing, a bit of a surprise considering previous launches were marked by overnight waits for retail stores to open their doors. The new iPad launched worldwide in March of 2012, however China was initially not included among the launch countries due to an ongoing lawsuit involving the use of the iPad brand name.
A few weeks ago, Apple offered a $60 million settlement, which was accepted by a Shenzhen-based company involved in the suit.
China has long been considered the fastest growing market for Apple, and the release of the new iPad in China can only lead to more profit and sales for the Cupertino, CA company. Sales in mainland China, Hong Kong and Taiwan are combined at $7.9 billion as of the end of Apple’s fiscal second quarter.
According to Apple Chief Executive Officer Timothy D. “Tim” Cook, Apple has merely “scratched the surface” in terms of sales potential.
The new iPad, as it is referred to, is distinguishable by its improved 8-megapixel rear camera and the use of Apple’s proprietary “Retina Display” technology, a first for the iPad. The device sells for $499 upwards in the United States and comes in different varieties based on connectivity and internal storage.