Apple launches iPhone 17e with prices starting at $599

Apple AAPL.O on Monday launched iPhone 17e, its more affordable smartphone model that starts at a price of $599 with 256 gigabytes of storage, as it looks to defend its share in a fiercely competitive global handset market.

The move comes as memory chip prices climb amid a global shortage, suggesting Apple is willing to absorb some component cost pressure to make its lowest-priced model more compelling.

By offering higher storage at the same price point, Apple is positioning the 17e as a stronger value option as it looks to attract new users and defend market share against rivals facing tighter supply constraints.

Some analysts view the higher storage at the same starting price as effectively a price cut, since customers previously had to pay an upcharge to access the higher capacity.

-Reporting by Akash Sriram in Bengaluru and Stephen Nellis in San Francisco; Editing by Anil D'Silva/Reuters