Apple iPhone 15 Ultra to have a price tag $1,299

San Francisco: Apple tech giant’s upcoming smartphone iPhone 15 Ultra is likely to launch with a starting price of $1,299, a significant increase from the iPhone 14 Pro Max’s $1,099 starting price.

The higher prices are due to increased production costs, the need to maintain margins, and the use of higher quality materials such as titanium in the chassis, Gizmochina reports.

The price increase marks the biggest generational jump in iPhone history.

The tech giant has experienced diminishing profit margins in recent years and is now relying on rising prices to make up for these losses.

The minimum storage capacity for the iPhone 15 Ultra will be 256GB, double the current 128GB.

It was previously rumored that the iPhone 15 Ultra would feature dual front-facing cameras and a USB-C port with Thunderbolt 4 speeds, replacing the slower Lightning port.

While the iPhone 15 Ultra will be a more expensive option for customers, it will also come with a host of new and improved features.