Apple unveils iPhone Duo, its first foldable smartphone

Apple introduced its inaugural foldable smartphone, the iPhone Duo, on Wednesday, heralding a new chapter under CEO John Ternus. This innovative device merges the convenience of a smartphone with the expansive screen of a tablet. The Duo boasts a full external display when closed, a larger internal display when unfolded, and multiple camera lenses, all while maintaining a compact form factor similar to a passport.

Apple has made strides in reducing the visible crease down the middle of the screen, addressing a common concern with foldables. The device starts at a price point of US$1,999, slightly higher than Samsung's Galaxy Z Fold8.

In parallel, Apple unveiled the iPhone 18 Pro and iPhone 18 Pro Max, priced at US$1,199 and US$1,299 respectively, marking a US$100 price increase from the iPhone 17 lineup launched last year. These models feature an enhanced camera capable of adjusting the lens aperture. Notably, Apple did not announce a budget version of the iPhone at this time, suggesting a more premium launch strategy.

The rollout of new iPhones and Apple devices will be facilitated through Apple Upgrade, a leasing program that allows customers to pay monthly installments in conjunction with Klarna, a buy-now-pay-later service. For the latest iPhone models, this equates to roughly US$50 monthly payments. Furthermore, Apple raised prices for its Macs and iPads in June, attributing the increase to component shortages due to the artificial intelligence boom, while warning in July that smartphone prices would follow suit.

This launch comes amidst a backdrop of heightened competition, as Chinese tech giants Huawei and Xiaomi recently unveiled their own foldable devices. Huawei's three-panel Mate XT 2, priced from 19,999 yuan (US$2,800), and Xiaomi's 18 Fold, launching at 10,999 yuan (US$1,540), have entered the fray. Samsung's Galaxy Fold, the first mainstream foldable smartphone in 2019, currently commands a mere 2% market share globally.

However, IDC research predicts Apple's entry into this segment could capture about a third of the demand.