Apple announced its first-ever foldable iPhone on Wednesday, marking a significant entry into a product category that has existed since 2018 but currently holds a small share of the smartphone market. The announcement came during the company's annual product event, which also saw the debut of its latest smartphone models: the iPhone 18 Pro and iPhone 18 Pro Max.
The new foldable iPhone starts at $1,999. The iPhone 18 Pro models boast improvements in camera technology, memory chips, and battery life compared to their predecessors. Both devices are equipped to integrate Apple Intelligence, the company's artificial intelligence platform.
The iPhone 18 Pro is priced starting at $1,199, with the iPhone 18 Pro Max beginning at $1,299. Pre-orders for these models are scheduled to open on September 12, with availability in stores starting September 18.
The product event, titled "Surprise and Shine," was held in Cupertino, California. It also featured the first public appearance of Apple CEO John Ternus, who took the helm of the company on September 1 after a 25-year tenure. Ternus succeeds former CEO Tim Cook.
Apple, the world's second-largest company by market capitalization, relies heavily on its smartphone business, which complements its range of other products including iPads, Apple Watches, and MacBooks. The company's stock has seen a 22% increase in value over the past six months, outperforming the S&P 500's 13% growth in the same period.
This move into foldable devices follows Apple's strategy of entering established product categories with premium offerings. In 2024, Apple introduced the Apple Vision Pro mixed reality headset, positioned as a competitor to existing offerings and priced at $3,499 for its most affordable version. The company also integrated its AI features, dubbed Apple Intelligence, across several key products in 2024, signaling its entry into the AI race. Apple Watch, launched in 2014, was described by the company at the time as its latest "category-defining product."