A low-cost iPhone is awaiting approval at Apple, and could be launched in 2013, according to new reports.

Jefferies analyst Peter Misek said in a research note on Monday that the cheaper iPhone could be offered at a $200 to $250 price point unsubsidised, which could translate to around £200 here in the UK.

Misek says that the low-cost iPhone is just waiting to be given the green light by Apple.

"Our checks indicate a low-cost model would be a retooled iPhone 4 with a scaled-down modem, apps processor, etc," he wrote. "Foxconn holdings already had a supply chain for capacity scaling up to 200-300K units per day."

This is not the first we've heard about a potential cheaper iPhone, which some believe will be called the iPhone mini. Most recently, in November 2012, Piper Jaffray analyst Gene Munster wrote to his clients suggesting that Apple is ready to release an iPhone mini for Chinese and Indian markets.

Also in his research note this week, Misek said that an iPhone with NFC, Retina+ display, 128GB of storage and multiple colour options could arrive in June or July next year, and mentioned the possibility of an iPad 5 and iPad mini 2 launch around the same time, with an Apple television set being unveiled towards the end of the year.

[Via Apple Insider]

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