Chinese e-commerce sites have slashed the price of some iPhones ahead of a festival. Apple faces declining sales in China as local brands gain market share.

Chinese e-commerce platforms are offering discounts of up to $351, or 2,530 yuan, on Apple's latest iPhone 16 models, an effort to spur sales as first-quarter shipments by the U.S. tech giant fell further in its second-largest market.

Apple is considering price increases for its fall iPhone lineup, a report said. The tech giant says the possibility of raising prices is being coupled with new features and design changes for devices.