Key Takeaways
- Apple introduced the iPhone 16e, a budget-friendly model featuring advanced AI tools.
- The iPhone 16e starts at $599, a lower price than the iPhone 16, which is $799, available from February 28.
- According to CEO Tim Cook, these AI features contributed to a surge in iPhone upgrades last quarter.
Apple (AAPL) has launched the iPhone 16e, a more affordable alternative to the iPhone 16, complete with Apple Intelligence tools.
Tim Cook hinted at this “new family member” last week on X. The iPhone 16e will retail at $599, which is less than the iPhone 16’s $799 price. Customers can expect it to hit the shelves on February 28. This makes it a competitive choice compared to the higher-priced models like Pro and Pro Max.
Equipped with Apple Intelligence, the iPhone 16e shares the powerful A18 chip with the standard iPhone 16. Tim Cook noted that these features have boosted iPhone upgrades significantly in the first fiscal quarter.
Recently, analysts at Morgan Stanley estimated Apple could sell 15 million units of this lower-cost model in the 2025 fiscal year. Their prediction originally considered a new version of the iPhone SE, priced around $499.
The iPhone 16e’s announcement coincides with reports of Alibaba working with Apple to enhance their AI offerings in China. Apple is currently seeking regulatory approval for AI features developed alongside Alibaba, which may take some time.
On the trading floor, Apple shares remained steady on Wednesday. Over the past year, the stock has gained approximately 33% in value.
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