Apple's first foldable iPhone comes with its biggest price tag yet

Apple has introduced its first foldable iPhone, the iPhone Duo, setting a record as the company's most expensive device yet. The launch arrives seven years after Samsung entered the foldable market and amid speculation about Apple's capacity to produce its next major product. It marks the first significant product unveiling under new CEO John Ternus, who replaced Tim Cook on September 1.

The Duo will commence at $1,999 ($2,770), making it one of the priciest mainstream smartphones on the market and Apple's entry into the foldable category pioneered by rivals earlier. Ternus, during the unveiling at Apple's Cupertino headquarters, emphasized the device's potential to redefine the foldable phone experience. Samsung and Google were among the early pioneers of foldable smartphones, with Samsung launching the Galaxy Fold in 2019 and Google following suit in subsequent years.

The Duo is priced slightly higher than Samsung's Galaxy Z Fold8, which starts at $2,699. Forrester analyst Dipanjan Chatterjee noted that the foldable launch aligns with Apple's strategy of waiting for product refinement and market viability before entering the category. IDC research associate Kiranjeet Kaur believes the Duo could reshape competitive dynamics in both China and the global market.

Ben Wood, from CCS Insight, highlighted the device's distinctive design and Apple's entry into the foldable smartphone niche. The launch coincides with rising smartphone prices due to a global shortage of memory and other components driven by strong demand from the artificial intelligence industry.