Apple is expected to introduce its first foldable smartphone on Wednesday, a move described as the biggest design change to the iPhone since the product line debuted nearly 20 years ago.
According to Bloomberg, the device carries the codename V68 and is also known internally as the iPhone Ultra. It is positioned above Apple’s existing lineup. With memory shortages and other component costs rising, market talk cited in the report suggests the starting price could land between $1,999 and $2,199, while a higher-spec version may come close to $3,000.
The timing is notable for Apple leadership as well. The event comes after John Ternus took over as chief executive officer on Sept. 1, making this his first major public product debut in the role. The report says foldable trade-offs remain in areas such as camera specifications, durability and battery life, but market research firms and Wall Street are still optimistic about demand, with annual shipments projected at 7 million to 10 million units.
Apple shifted the project from a foldable iPad concept to an iPhone
Apple has been working on foldable displays and related components for years. The company had already started on core technologies before rivals released their first foldable phones in 2019.
Early internal discussions were focused mainly on a foldable iPad mini concept that could open into a larger tablet. That direction changed after former chief executive officer and current executive chairman Tim Cook visited Asia around 2020 and saw consumer acceptance of foldable devices rising quickly there. The report says that observation pushed the team toward a mainstream smartphone product and accelerated the hardware project.
Premium positioning meets higher memory and component costs
Foldable phones still make up a small share of total smartphone shipments, but IDC expects the segment to grow 13% this year to 22.9 million units.
Apple had originally planned a $1,999 starting price in an effort to stay below the $2,000 psychological threshold, according to the report. More recently, however, rising parts and memory costs have pushed the possible entry price to $2,199, while a top-end configuration could reach $3,000.
That would place the device above competing foldables from Samsung and Google, which are priced from about $1,899. Apple is said to be looking to upgraded leasing plans and carrier subsidies to reduce the barrier for buyers.
Screen ratio and hinge design aim at multitasking use
The phone is expected to feature a 5.5-inch outer display and an inner screen of about 7.8 inches with a wider aspect ratio. Folded, it is intended to be easier to hold with one hand. Opened, the display ratio is described as being close to Apple’s Magic Trackpad, a layout aimed at multitasking and video viewing.
On the hardware side, Apple’s engineering team is said to be using a titanium and aluminum alloy hinge and working with Corning on custom cover glass to reduce the visibility of the crease.
Even so, the report says the device makes compromises against more conventional phones in durability, camera setup and battery endurance. Apple is still aiming to win over premium buyers through tighter hardware-software integration and more refined assembly.
First signature launch under John Ternus
The foldable model is described as the first signature product under Ternus as chief executive. He previously served as Apple’s hardware engineering chief and led the project through development.
Wall Street estimates cited in the report put this year’s sales at roughly 7 million to 10 million units. The product is also presented as the opening step in a broader hardware pipeline that includes a touchscreen MacBook, a desktop robot and smart glasses.