Apple to Release Cheaper iPhone by Next Summer

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According to a new report, tech giant Apple will be releasing a newer and cheaper iPhone by July of next year.

Dubbed the iPhone SE 2, China’s Economic Daily News said the phone would be released during the first half of 2018 and will cost around $450.

The media outlet reported the news on Wednesday and that the new and cheaper phone is directed toward sales in emerging markets.

According to the Daily report, the S2 will be cheaper than the iPhone 7, but more expensive than the SE. The report indicated that the SE 2 may be replacing the iPhone SE, which has a 4″ screen and is smaller than both the iPhone 7 and iPhone 8. The SE currently costs at $349.

Apple did not comment on the news.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.