Apple to Launch Over $2,000 Foldable iPhone 18 This Fall, Citi Forecasts

Citi has released an analysis of Apple's supply chain ahead of the anticipated iPhone 18 launch on September 9, forecasting the introduction of the company's first foldable device. The investment bank predicts a premium 'iPhone Ultra' model will debut at a starting price above $2,000.

Key Projections: A Foldable 'Ultra' and Price Hikes

According to the note from Citi analyst Atif Malik, Apple is preparing for a significant shift in its product lineup. In addition to the foldable Ultra, the iPhone 18 Pro and Pro Max models are projected to see price increases of approximately $200 compared to their predecessors.

Major hardware upgrades are expected across the new models. Key enhancements identified by Citi include:

• The new A20 chip, manufactured using 2-nanometer technology.
• Variable aperture main cameras for the Pro and Pro Max versions.
• The introduction of Apple-designed modems.

The premium Ultra model is anticipated to feature dual front and rear cameras, an OLED inner display with an ultra-thin glass cover, and increased content for its battery and thermal management systems, such as vapor chamber heatsinks.

Shipment and Production Forecasts

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Citi forecasts that Apple will ship 61.8 million iPhone 18 units in the second half of 2026. For the full calendar year 2026, total iPhone shipments are projected to reach 246 million units, representing a modest 1% year-over-year increase.

The production plan for the new foldable model reportedly calls for 7.5 million units in the second half of 2026, followed by another 4 million units in the first quarter of 2027. Foxconn is identified as the primary assembler for the high-end models, securing a 61% allocation for all Ultra, Pro, and Pro Max builds in the latter half of 2026, with Luxshare expected to handle 33%.

Supply Chain Impact and Key Beneficiaries

The report highlights several companies poised to benefit from the iPhone 18 production cycle. Taiwan Semiconductor Manufacturing Co. (TSMC) is expected to be the sole supplier of the advanced A20 chip.

For other key components, Citi identifies the following suppliers:

• Cameras: LG Innotek is cited as a beneficiary of the main camera upgrades, while Largan is expected to maintain its lead in lens supply.
• Foldable Components: Samsung Display is projected to lead in high-end and foldable panel supply, with Amphenol supplying hinge modules and Lens Tech providing the ultra-thin glass cover.
• Memory: Kioxia is anticipated to receive a relatively large allocation for NAND memory.
• Battery: TDK is expected to benefit as Apple expands the use of metal battery cases from premium models to the standard iPhone lineup in the first half of 2027.