According to a source that declined to be named, tech giant Apple is planning to sell a cheaper version of its iPhone this year. The device is said to cost between $99 and $149, and would debut in late 2013 at the earliest. Apple has been developing this device since February 2011 and is aiming it at emerging markets around the world, following the success of Apple devices in China earlier this year.
This new initiative has not been attempted by Apple before, preferring to reduce prices of older device models instead of introducing a new, cheaper product. This low-cost model would be produced with much cheaper components sourced from different manufacturers. The device may also be considerably smaller than current models of the popular mobile phone.