It has been reported , Tech giant Apple Apple is reportedly working on a cheaper version of the iPhone. The new handset is expected to cost as little as 500 dollars and could be released as early as the middle of this year.

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.


Elaborating on what one could expect from the cheaper iPhone, the report quotes one of the people as saying that it would be similar in appearance to the standard iPhone, with a 'different, less expensive body'. The company reportedly is also trying with the idea of reducing the cost of the smartphone by going for a different shell made of polycarbonate plastic. Interestingly, of what is known at the moment, other parts on the cheaper iPhone could be the same or be recycled from the previous iPhone models. All that being said, the report notes that the company may decide to not go with the plan altogether.