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Apple Working on New iPhone

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    AP
    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

    Apple will begin production of a new iPhone which could launch this summer, according to reports.

    Apple's new iPhone will be very similar to the iPhone 5, but the tech company also plans to create a less expensive iPhone later this summer, according to the Wall Street Journal. The cheaper iPhone will have a different casing but there were few other details. Apple declined to comment on the story.
    Apple has denied a cheaper iPhone for the last year, but increased competition, especially in the developing world will likely make it a necessity. However, there just isn't that vast innovation to differentiate the iPhone from other smartphones such as the Samsung Galaxy S4, according to analyst Neil Mawston from Strategy Analytics.
    Without a radically different design, what makes money is launching products faster, he said. "You have to do the traditional business school implementations like manage costs and move quicker than rivals."
    Unfortunately for Apple, innovations like wraparound displays or wearable computers won't be available for years. The only new attribute discovered was that Apple would create iPhone cases in various colors.