Apple Inc. AAPL, -0.68% plans to launch a cheaper version of its iPhone in 2020, according to a Tuesday afternoon report based on sources within the company’s supply chain.
Bloomberg News reported during the extended session Tuesday that Apple suppliers plan to begin assembling the phone in February, and that Apple could announce the new device as early as March.
Apple launched the iPhone SE, a lower-cost version of its smartphone, in a March 2016 event that was separate from its larger iPhone event, which typically takes place in September.
Apple is expected to launch new 5G-equipped iPhones later in 2020, which could increase the price of those models.
Apple shares gained about 0.2% in extended trading following the report’s release Tuesday, after closing with a 0.7% decline at $316.57.
