Apple’s sales on their iconic iPhone product have started to dip this past year at an alarming rate, prompting executives to get things back on track. Reports from the Nikkei Asian Review have signaled that Apple is working on a low-cost iPhone to run as the alternative to the newer, more expensive models. The lower costing iPhone will reportedly be released in the first quarter of 2020 with a price tag of around $399. The new product will resemble the iPhone 8 with a 4.7-inch display and likely one single rear-view camera.
By providing consumers with a low-cost iPhone, Apple will diminish the competitive advantage of Samsung and Google, who have been seeing great success recently marketing their phones as cheaper alternatives to the iPhone. Apple is continuing to cement themselves as leaders in the coming wave of technology and this decision will assist them in regaining positive growth for their iPhone product line.