Apple unveils its first foldable smartphone iPhone Duo

Apple made its highly anticipated debut in the foldable smartphone market on Wednesday with the unveiling of the iPhone Duo at its first launch event since CEO John Ternus assumed leadership on September 1. The company had been developing the device for seven years following Samsung's pioneering of the category.

Ternus, in a video presentation at Apple's headquarters in Cupertino, California, emphasized that the iPhone Duo aims to provide a seamless experience akin to that of an iPad. As the former head of hardware at Apple, Ternus succeeded Tim Cook in his role this month.

The foldable device, roughly the size and shape of a passport when closed, features a titanium frame and offers a 7.6-inch (19-centimeter) internal display and a 5.4-inch (14-centimeter) external display. The Duo is available in two colors - star white and night sky. It is set to go on sale in 70 countries starting October 23.

Apple highlighted the phone's advanced camera system, including a front-facing external lens, two back-facing lenses, and an internal lens, all of which can be utilized simultaneously when the device is fully open. The iPhone Duo is priced starting at $1,999, which is slightly higher than Samsung's Galaxy Z Fold8, which begins at around $1,899.

The company also introduced a new monthly leasing program called Apple Upgrade, allowing customers to pay off their purchase over one or two years.

While foldable smartphones currently represent less than 2 percent of global shipments, IDC predicts that Apple's entry into the market could capture about a third of the demand. Research associate Kiranjeet Kaur from IDC noted that Apple's foldable iPhone is likely to significantly shift the competitive landscape in both China and global markets.