Apple’s new foldable phone is $1,999

Apple unveiled its long-awaited foldable phone, dubbed the iPhone Duo, on Wednesday, marking the technology giant’s first foldable smartphone.

The iPhone Duo will retail at $1,999, the most expensive sticker price to date for an Apple iPhone, and will be available on Oct. 23, Apple announced during its “Sunrise and Shine” launch at its headquarters Wednesday.

The iPhone Duo is a book-style foldable, similar to the size of a passport, featuring a bendable display. When users open the phone, they will be able to view two screens across what Apple says is the largest iPhone screen ever.

John Ternus, who took over as Apple CEO last week, said the new phone “will redesign the experience of using a foldable phone.”

“Others have created foldables that just feel like two phones awkwardly stuck together,” Ternus said. “This results in a square screen that’s rarely suited for the way people use them.”

Ternus said Apple wanted the larger display to feel “as natural and intuitive” as the company’s popular iPad product.

“We brought together thoughtful design with breakthrough engineering in a way only Apple can, and the result is a series of remarkable innovations that we believe will redefine the experience of using a foldable phone,” Ternus said.

Apple said the display is 50 percent larger than the new iPhone 18 Pro Max and 80 percent larger than the iPhone 18 Pro, both of which were unveiled earlier in the presentation.

When open, a user can multitask on multiple screens, while dragging content from one to the other much like computer windows.

While the iPhone Duo is the most expensive iPhone Apple offers, the technology firm also raised the prices of most of its new products.

It comes as artificial intelligence fuels unprecedented demand for memory chips, which store and process data in everything from smartphones to cars to laptops. This has strained supply and driven up costs for various electronics manufacturers.

Earlier this year, former Apple CEO Tim Cook warned price hikes were “unavoidable” because of the demand.