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The new handset is expected to cost as little as 500 dollars and could be released as early as the middle of this year, some reports have suggested.
According to a report by the Wall Street Journal, the cheaper smartphone will likely resemble the current iPhone, but be made of less expensive materials such as polycarbonate plastic.
Some analysts have speculated that the device would be smaller than the current model, and have dubbed it the "iPhone mini,” Stuff.co.nz reports.
Apple, which released a smaller, cheaper version of its popular iPad tablet last year, declined the comment on the reports.
According to the report, the product would mark the first time Apple has diversified its line of smartphones with different models since launching the original iPhone in 2007.
Apple currently sells older models, such as the iPhone 4 and 4S, on its website at a reduced price.
