Customers can begin pre-ordering the new iPhone 5C starting on Sept. 13.
The new device will be available in two memory capacities including 16GB and 32GB. The 16GB model will retail for $99 while the 32GB version will sell for $199.
The iPhone 5C comes with a silicon micro fiber lining that is available in various colors such as green, white, blue, red and yellow. Apple will even allow users to mix two colors while customizing their device.
The device will feature the same A6 processor that is found in the iPhone 5 and will have 3x video zoom for its FaceTime camera.
It will also be compatible with more LTE networks than any other smartphone and will have dual-band Wi-Fi.
The iPhone 5C was unveiled alongside the new iPhone 5S earlier today at Apple's special media event that took place at its Cupertino, Calif. headquarters earlier today.
The iPhone 5S will be available in three colors, gold, silver and black, and will cost $199 for 16GB, $299 for 32GB, and $399 for 32GB.
It will come with a new A7 processor and will be the world's first true 64-bit smartphone. Apple stated that it is five times faster than its predecessor the iPhone 5 and will run the newly unveiled Infinity Blade 3 app with little to no lag.
The device will also feature the new M7 motion sensor chip which will be able to detect if the user is walking or driving and will work with apps related to the function being performed at a given time. The chip continuously measures motion data, comes equipped with an accelerometer, gyroscope and compass, and will be useful for a new generation of health and fitness apps.