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Speculators on social media have dubbed the model the SE2 after Apple's first low-cost iPhone, the SE, which was released in March 2016. Others have nicknamed it iPhone 9 since because Apple skipped its ninth model between the iPhone 8 and iPhone X.
Apple did not respond to multiple requests for comment from FOX Business.
The price for the SE2 is expected to land somewhere between $350, the price of the original SE before it was discontinued, and $450, the price of the iPhone 8, which is Apple's cheapest phone to date. That price can be reduced to $350, however, for customers willing to trade in old phones for a discount, according to Apple's website.
The SE2 is expected to resemble the iPhone 8 with a 4.7-inch screen but have better battery life and camera quality, people familiar with the matter told Bloomberg.
TF Securities analyst Ming-Chi Kuo, who has previously made accurate predictions on upcoming iPhone models, said in a note obtained by CNBC in October that customers should expect Apple to begin producing a low-cost iPhone in the first quarter of 2020, which could increase the tech giant's shipments by 10 percent this year.
The new low-cost iPhone model will give help Apple meet consumer demand for quality products that don't break the bank. Apple's latest model, the iPhone 11, is retailing for about $700, but customers who trade in an old iPhone can get it for $450. Customers also have the option of making monthly phone payments rather than paying for it all at once, according to Apple.