FORTUNE -- Apple's (AAPL) iPhone may be approaching saturation in North America, but Latin America is wide open territory.
Brazil is particularly interesting. It's the largest country on the continent (pop. 200 million) and it's demonstrated an appetite for iPhones despite prices that are the highest in the world. Due to stiff import duties, an unlocked iPhone 5s that sells for $649 in the U.S. costs 2,799 reais ($1,174) in Brazil.
Still, the estimated 1,700 Brazilians who gathered Saturday at Rio de Janiero's Village Mall for the opening of the first Apple Store in South America didn't seem to be suffering from sticker shock. And when Foxconn's new Brazilian factories start churning out iPhones that aren't subject to import taxes, those prices could come down dramatically.
"Rio is an amazing city," CFO Peter Oppenheimer told a local news outlet by telephone. "And we want the store running for the FIFA World Cup and the Olympics in 2016."
The Argentina-based online marketplace has weathered political and economic storms over the last decade and come out on top.
By Richard McGill Murphy, contributor
FORTUNE -- Founded in 1999, Marcos Galperin's Argentine startup was the only Latin American dotcom to survive the 2000 crash and go public. "They placed a bet on e-commerce really early on, and it paid off," says veteran Latin America tech executive Javier Carrique. No kidding. Today MOREMay 9, 2012 5:00 AM ET
An analyst expects Apple to launch both an iPhone 5 and a mid-range iPhone 4S
For much of the spring, the reporters who cover Apple (AAPL) have been arguing among themselves about what to call the new iPhone they expect the company to introduce in September.
Some call it the iPhone 5, to match the iOS 5 operating system Apple unveiled to developers three weeks ago.
Some, anticipating that the new device will MOREPhilip Elmer-DeWitt - Jun 27, 2011 7:15 AM ET
Another day, another subcontinent.
One day after Vodafone (VOD) announced it would be carrying Apple's (AAPL) iPhone in 10 countries in Europe, Asia and Australia, Reuters reports that America Movil (AMX) will be bringing the iPhone to Latin America.
America Movil is a big player. With more than 150 million subscribers, the Mexico City-based Fortune 500 company is the largest mobile operator -- and the largest corporation -- in Latin America, with MOREPhilip Elmer-DeWitt - May 7, 2008 12:16 PM ET
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