Cheaper iPhone 5 to launch in June-July

A cheaper, plastic bodied iPhone costing roughly half the price of the standard Apple smartphone is set to be launched this summer, according to analysts.

A cheaper, plastic bodied iPhone costing roughly half the price of the standard Apple smartphone is set to be launched this summer, according to analysts.

Attendees stand around an Android charging station during the Google I/O developers conference at the Moscone Center in San Francisco, California. Justin Sullivan/Getty Images/AFP

Attendees stand around an Android charging station during the Google I/O developers conference at the Moscone Center in San Francisco, California. Justin Sullivan/Getty Images/AFP

Separately, Amit Daryanani or RBC Capital Markets told investors that Apple plans to launch the cheaper phone as well as the iPhone 5S in June-July this year, the Telegraph reports.

Earlier this month it was claimed that the budget version would cost roughly 330 dollars, priced in order to appeal to young, middle class consumers in countries like China and India.

Jeremy Horwitz of iLounge had claimed earlier that 'reliable sources' told him the new device will have a retina display and feature Apple's new Lightning connector for charging and syncing.

According to the paper, Horwitz did agree that Apple would release an upgraded iPhone 5S, with an improved rear camera, perhaps in July.