Apple will release a new and cheaper iPhone by July, according to a report

Apple will release a new and cheaper iPhone by July, according to a report
The new iPhone X is pictured at the Apple Store Marche Saint-Germain in Paris, France, November 3, 2017.
PHOTO: Reuters

Apple is preparing to launch a new lower-price iPhone during the first half of 2018, China's Economic Daily News said Wednesday.

The new iPhone SE 2 will cost about US$450 (S$606) and will be aimed at sales in emerging markets, according to the report, which did not cite sources.

The report suggested that the iPhone SE 2 will replace the current iPhone SE. That phone was designed to cater to fans of smaller displays and who want a less-expensive iPhone, especially consumers in emerging markets who can't afford Apple's more premium devices.

The iPhone SE has a 4-inch screen, much smaller than the 4.7-inch display on the iPhone 7 and iPhone 8. The current model starts at US$349, US$200 cheaper than the next most affordable smartphone, Apple's iPhone 7. The iPhone SE 2 will cost about US$450, more expensive than the current price but still less expensive than the iPhone 7, the Daily said.

It's likely the phone will have a more powerful processor to run Apple's new iOS 11 operating system.

Apple was not immediately available for comment.

Read the full report by the Economic Daily News here.

This article was first published in CNBC.

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