NEW YORK (AP) — Apple will start selling the newest version of the iPad in China on July 20 after paying $60 million to settle a dispute over the ownership of the tablet computer’s name.
Apple Inc. says it will begin selling its latest iPad starting at $499 and will cut the price of the older iPad 2 to $399. The tablet computers will be sold online, at Apple stores, and through approved resellers.
Apple often brings products to China later than in other countries. The iPad model coming to China this month went on sale in the U.S. and several other countries in March. It features a sharper screen and a faster processing chip than the previous two iPad models.
Apple still dominates the emerging market for tablet computers, though Google and Microsoft are both coming out with competing devices. Greater China — which includes Hong Kong and Taiwan – has become Apple’s fastest-growing region, with revenues second only to the United States.
Apple paid the sum to settle its long-running legal battle with Chinese computer maker Shenzhen Proview Technology.
Greenlight Capital Inc. President David Einhorn, in an appearance on CNBC on Tuesday, said Apple is “substantially undervalued” and that his hedge fund expects to continue to hold the stock “for a good while longer.” Mr. Einhorn said Greenlight has held the stock for two to three years. -Reuters