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New iPhone 15 Ultra Tipped To Have All-New Chassis

10/25 Update below. This post was originally published on October 22

Early iPhone 15 leaks claim Apple will shake up its smartphone range with several eye-catching design changes. And now, it looks like the release of a new flagship model will coincide with the switch to a potentially revolutionary core material.

Having used stainless steel exclusively on its premium smartphones since the 2017 iPhone X, popular leaker LeaksApplePro claims the iPhone 15 Ultra (tipped to replace the Pro Max brand) will have a titanium chassis. Titanium is far stronger and lighter than stainless steel, but it is also jaw-droppingly expensive.

Looking at the good news first, titanium’s strength-to-weight ratio is on another level to stainless steel, providing almost the same strength at 40% of its weight. This is why titanium is commonly used in weight-dependent applications, such as aircraft parts.

Moreover, titanium is 3-4x stronger than stainless steel at the same weight. This would give Apple options: slash the iPhone 15 Ultra’s weight without losing strength, keep the same weight and release the world’s strongest smartphone, or — more likely — strike a balance between the two.

The benefits make titanium seem like a no-brainer, but the reason it is not commonplace in smartphones is cost. Titanium is priced at $35-50 per kilogram, compared to $1-1.50 per kilogram for stainless steel. It’s a colossal difference, making it a genuine shock that Apple would release a titanium iPhone.

Of course, Apple can call upon industry-leading economies of scale, but even they may struggle unless the company plans to raise prices again.

10/24 Update: further weight has been added to an increase in costs for the so-called iPhone 14 Ultra. Writing in his weekly Power On newsletter, Bloomberg’s Mark Gurman reiterates that he believes Apple “will create a larger gap between the iPhone 15 Pro and Pro Max” while also acknowledging the potential new ‘Ultra’ branding.

However, what is new is Gurman’s assertion that the Ultra may cost more than the iPhone 14 Pro Max. This is not an endorsement of the titanium leak, but the material change would be almost impossible without a price increase.

As it stands, the iPhone 14 Pro Max starts at $1,100 and comes in four storage tiers: 128GB, 256GB ($1200), 512GB ($1400) and 1TB ($1600). It’s a lot, but spread over a three-year contract, an extra $100-200 at each tier is plausible. Apple could also raise average selling prices by scrapping the 128GB tier, which is far from “Ultra.”

Even at this early stage, I expect the Ultra-branding and pricing to be the main narrative of the iPhone 15 range.

10/25 Update: the chassis materials of the iPhone 15 range have taken another twist. After publishing this article, I was contacted by a long-time source who claims that Apple is also investigating upgrading standard iPhone 15 models from aluminum to stainless steel. Conversely, this was shot down by LeaksApplePro. While the sources are conflicting, I would tend to side with LeaksApplePro for several reasons.

First, is cost. While Apple has the leeway to introduce titanium for an ‘iPhone 15 Ultra’ and increase the price because of its new position as a standout flagship model, the rest of the range’s pricing is critical. Notably, bringing the A16 chip to standard models already significantly increases production costs, while it also closes the gap on the iPhone 15 Pro, which is expected to keep using stainless steel. That’s the kind of brand confusion Apple will be keen to avoid.

Moreover, having three materials would increase differentiation. Standard and Pro models would retain the look and feel customers already know. At the same time, the Ultra would stand apart as a massive flagship device that is potentially just as light as the smaller iPhone 15 Pro while being more durable — adding Wow Factor.

Interestingly, a higher-priced titanium iPhone 15 Ultra could also help sales of the iPhone 15 Plus. The current problem for Apple is that multi-year carrier contracts mean the price difference between iPhone models is marginal, so sales of the iPhone 14 Plus are falling below expectations because the iPhone 14 Pro Max offers far more without adding a big difference to a monthly contract.

But introduce a titanium iPhone 15 Ultra at circa $1500, rising to $2000, and the $900 iPhone 14 Plus now becomes the go-to option for buyers on a budget who want a big-screen iPhone. Simultaneously, the Ultra launches as an aspirational buy with higher profit margins, bringing glamor and excitement back to the range.

Moreover, this fits with Apple’s current (and controversial) strategy of segmenting its base models — iPad, MacBook, Watch — into more affordable brackets, while introducing shoot-for-the-moon models at the top end of the range. So yes, I predict iPhones will get a lot more exciting next year, but also eye-wateringly expensive at the top end.

As I’ve written here before, I believe Apple will create a larger gap between the iPhone 15 Pro and Pro Max, which could actually be dubbed the Ultra (like the watch) and cost more than $1,100—the price of the iPhone 14 Pro Max today.

On the one hand, this would be a tough pill to swallow following the near global price increases (US and China were excluded) introduced with the iPhone 14 range. On the other hand, Apple has shown a desire to build best-of-the-best category devices in other product lines (no matter the cost), and this would align with the switch to ‘Ultra' branding.

Throw in the rumored switch to a Thunderbolt 4-powered USB-C port, dual front cameras and, in the A17, the first 3nm chipset, and Apple may just make an iPhone, that customers are prepared to break the bank for. Given the struggle of standard iPhone 14 models, it may also make a lot of sense...

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