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

Tim Cook
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Tim Cook
  • Apple will launch an iPhone SE 2 during the first half of next year, according to China's Economic Daily News.
  • The new model 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 Apple iPhone SE is introduced at an Apple event in Cupertino, Calif. on March 21, 2016.
Mark Neuling | CNBC
The Apple iPhone SE is introduced at an Apple event in Cupertino, Calif. on March 21, 2016.

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.