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

Todd Haselton
Apple's new iPhone SE 2 will cost about $450 and will be aimed at sales in emerging markets, according to the report.

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 $450 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 $349, $200 cheaper than the next most affordable smartphone, Apple's iPhone 7. The iPhone SE 2 will cost about $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.