According to The Wall Street Journal, which said that Apple is said to developing a economical version of the iPhone which might be released by late 2013. Already there have been rumors that Apple has been working on a cheaper model of it flagship product the iPhone. Which might gain it more space in the smartphone market against Android phones.
Sources say that
“The cheaper phone could resemble the standard iPhone, with a different, less-expensive body, one of the people said. One possibility Apple has considered is lowering the cost of the device by using a different shell made of polycarbonate plastic. Many other parts could remain the same or be recycled from older iPhone models.”
Bloomberg also said that in 2011 Apple was working on a cheaper version of the iPhone. Digitimes also claimed that Apple is developing a cheaper iPhone for 2013 launch.