San Francisco, Dec 18 (IANS): Tech giant Apple's upcoming smartphone iPhone 15 Ultra is likely to launch at a starting price of $1,299, a significant increase from the iPhone 14 Pro Max's starting price of $1,099.

The higher price is because of the rising production costs, the need to maintain profit margins and the inclusion of higher quality materials such as titanium in the chassis, reports Gizmochina.

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

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

The minimum storage capacity for the iPhone 15 Ultra will be 256GB, which is twice the current entry point of 128 GB.

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

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