During a recent earnings call, Apple Inc.’s CEO, Tim Cook, was asked about the sustainability of the rising average sales price of the iPhone. In recent years, the cost of a top-of-the-line iPhone model has increased, with the iPhone X that cost $1,150 in 2017 now costing $1,600 for the iPhone 14 Pro Max with 1 terabyte storage. Even accounting for inflation this is a huge uplift in such a brief time.

Cook confidently stated that the price increase hasn’t been a problem and that consumers might even be willing to pay even more for the device. He acknowledged that the iPhone has become a vital aspect of people’s lives, as it is now used for various purposes such as making payments, controlling smart home appliances and managing health.

Although Cook didn’t provide a definitive answer on whether he expects further price increases, he hinted that the addition of new features could justify a higher price point. Bloomberg have reported that Apple has internally discussed the possibility of adding a higher-end iPhone to its lineup, further differentiating the Pro and Pro Max models with a range of materials, processors, and cameras.

Speculation has arisen that the company might opt for a new top-end brand named the “Ultra.” However, instead of renaming the Pro Max, Apple could choose to add an even higher-end iPhone model above both the Pro and Pro Max. Internally, the company has considered this option, potentially in time for the 2024 iPhone release.

If this were to occur, it would drive-up prices even higher, but consumers would require a compelling reason to upgrade. The specifics of what this top-of-the-line model would offer are unclear, but it could include further camera improvements, a faster chip, and a larger display. Additionally, it may also feature more “courageous” features, such as the removal of the charging port.