Apple's first foldable phone, the iPhone Duo, priced at 3.29 million won ($2,300), was in short supply from its first day in South Korea. Some carrier preorder allotments were gone within a minute, and shipments from Apple's official online store have slipped to January, meaning buyers must wait about three months.
SK Telecom (017670), KT and LG Uplus began activating preorder customers and opened general sales the previous day, according to the telecommunications industry on the 24th. Retail prices are 3.29 million won for 256GB, 3.59 million won for 512GB, 4.19 million won for 1TB and 5.09 million won for 2TB. The book-style foldable has a 7.6-inch screen when open and 5.4 inches when closed, and weighs 254 grams.
Competition for preorders was fierce. The first round of preorders on SK Telecom's T Direct Shop, which guaranteed delivery on launch day, closed within a minute. At KT Direct Shop, the first and second batches of 256GB and 512GB models were exhausted immediately after preorders opened. These figures apply only to specific batches allotted to the carriers' online stores, however, and do not mean all preorder stock in the country was sold.
Buyers were concentrated among people in their 30s and 40s. On Apple's official online store, estimated delivery dates for every model had slipped to January within 30 minutes of preorders opening at 9 p.m. on the 16th. The Korean page shows January 22, while the U.S. page shows January 25.
Global Average Wait of 82 Days as Apple Cites Unusual Demand
Shipping delays are not confined to South Korea. Bank of America, tracking Apple's website and carrier sales, estimated the global average delivery wait at 82 days. Buying directly from Apple's online store averages 102 days, while purchases through U.S. carriers take about 50 days. Stock available for same-day pickup on launch day has effectively run out worldwide.
Bloomberg reported that Apple went ahead with the launch despite knowing in advance that manufacturing problems would seriously disrupt supply. Apple said only that demand following preorders was at an unusual level, and did not disclose preorder volumes or the amount of stock it had prepared.
Whether this amounts to a hit is open to interpretation. Investment bank Jefferies said low production yields contributed to the long delivery times and forecast shipments of 6 million to 7 million units this year. Counterpoint Research also projected sales of about 6 million units this year, saying the key question is how quickly Apple can ramp up production capacity. TrendForce put shipments at 5 million units. Long wait times, these analysts argue, do not necessarily mean sales have surged.
About 100 Line Up at Myeongdong Apple Store, No Walk-In Purchases
About 100 people lined up before opening outside the Apple Store in Myeongdong, Jung-gu, Seoul, on the 23rd, the launch date. Roughly 200 customers had booked pickup slots in the hour from 8 a.m. alone. With initial supply short, customers who arrived without a reservation could not buy the device on site.
The price is steep. The device costs 1,011,900 won more than the 256GB Galaxy Z Fold8, priced at 2,278,100 won, and is 53 grams heavier than the Samsung model. Samsung Electronics (005930) said ahead of the iPhone Duo launch that the Galaxy Z Fold8 had sharply increased sales in Europe.
The iPhone Duo's early performance will depend on how quickly Apple can secure stock and shorten delivery delays. Carriers are working to obtain additional units and notify customers of shipping delays, but the wait to get the device in hand is expected to stretch to nearly three months.