Cupertino, California. Apple unveiled its long-awaited first foldable smartphone, the iPhone Duo, on Wednesday, at the company's first launch event since CEO John Ternus took the reins on September 1.

Apple's first foldable comes seven years after Samsung pioneered the category, but the American tech giant is expected to take a sizable chunk of the market.

"Others have created foldables that just feel like two phones awkwardly stuck together," Ternus said in a video shown at the Steve Jobs Theater at Apple's headquarters in Cupertino, California.

Apple wanted a device with a large display "that feels as natural and intuitive as (the) iPad," said the former head of Apple's hardware division, who succeeded Tim Cook this month.

The format essentially combines the portability of a smartphone with the larger display of a tablet, offering users a bigger screen without carrying a tablet-sized device.

Roughly the size and shape of a passport when folded, the iPhone Duo is made with titanium and has a 7.6-inch (19-centimeter) internal display and a 5.4-inch (14-centimeter) external display.

It is available in two colors, "star white" and "night sky."

The Duo will go on sale in 70 countries beginning October 23, the company said.

Apple touted the phone's multiple cameras, including a front-facing external lens, two back-facing lenses, and an internal lens. The lenses can be used simultaneously when the device is fully open.

The Duo is priced starting at $1,999, slightly more than Samsung's Galaxy Z Fold8, which starts at around $1,899.

Apple also announced a new monthly leasing program called Apple Upgrade, which lets customers pay off their purchase over one or two years.

Samsung launched the industry's first mainstream foldable smartphone, the Galaxy Fold, in 2019.

Foldable smartphones make up a tiny fraction of the market, at less than 2 percent of global shipments, but Apple is expected to capture about a third of demand with its entry, according to research firm IDC.

"Apple's foldable iPhone is very likely to shift the competitive dynamics both in China and global markets," IDC research associate Kiranjeet Kaur told AFP.

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