Apple’s (NASDAQ:AAPL) new iPhone 15 is facing challenges in the Chinese market, with sales lagging behind its predecessor – the iPhone 14 – according to Bloomberg News.

Market tracker Counterpoint Research estimates a 4.5% decline in iPhone 15 sales compared to the iPhone 14 during the first 17 days after release.

Apple stock fell 1.2% on the news.

On the other hand, Jefferies analysts believe the decline is even steeper, indicating a double-digit percentage compared to sales of iPhone 14.

These reports highlight the challenges Apple is encountering in China, where economic struggles and competition from companies like Huawei are impacting iPhone sales.

Counterpoint projects Huawei could sell 5 to 6 million units of the Mate 60 Pro alone this year, numbers that could hit double-digits in 2024.

Huawei has now taken the top spot in the market from Apple, Jefferies wrote in a note.

“The trend suggests iPhone would lose to Huawei in 2024,” analysts wrote in a note.

“We believe weak demand in China would eventually lead to lower-than-expected global shipments of iPhone.”