Apple is exploring the possibility of releasing a more expensive iPhone “Ultra” over the iPhone Pro and Pro Max models, according to Mark Gurman, reports The Verge. The high-end device could appear as early as 2024 with the iPhone 16 line.

Last September, Gurman predicted that the “Ultra” model could replace the Pro Max brand with this year’s iPhone 15, but his latest theory suggests Apple wants to create a more powerful – and more expensive – tier of iPhone. That means the device could have an even higher price tag than the iPhone 14 Pro Max, which starts at $1,099.

CEO Tim Cook did not rule out the possibility of a future iPhone price increase. Instead, he indicated that customers might want to pay more to get a better product.

“I think people are willing to shell out to get the best they can afford in this category,”

Cook said.

It’s not yet clear what features the “Ultra” device will have, but Gurman says it “will likely offer additional camera enhancements, a faster chip, and perhaps an even larger display.” It may also come with a design where the charging port is dropped in favor of wireless charging.

Last year Apple made Dynamic Island exclusive to the iPhone 14 Pro and Pro Max, and now Apple plans to make the tiers even more different with this year’s iPhone 15 launch.

According to rumors, the iPhone 15 Pro and Pro Max will now come with USB-C and may even use tactile volume and power buttons instead of physical ones. Additionally, the iPhone 15 Pro Max may be the only device to get a periscope lens with better optical zoom, which will further increase the difference between the different models.