Apple Has Another iPhone On The Way And It's Cheaper Than The iPhone X

REUTERS/Stephen LamApple Vice President Greg Joswiak introduces the iPhone SE during an event at the Apple headquarters in Cupertino, California March 21, 2016.

Apple is reportedly planning to release another iPhone in the next few months. The upcoming device is rumored to be a new version of the company's "budget" model, the iPhone SE, and is intended to be a low-priced alternative to its flagship model the iPhone X.

According to a report from the Economic Daily News in Taiwan, Apple has contracted Taiwanese manufacturer Wistron to build the iPhone SE 2 at its factory in India. While there is currently no information when the company will unveil the new device, many tech watchers expect the reveal to happen by March 2018.

The first iteration of the iPhone SE launched in March of 2016. It featured a smaller 4-inch screen, a decent camera, and the all-metal casing that was initially used for the iPhone 5. Initially priced at $399 for the 16 GB model and $499 for the 64GB version, it was the cheapest iPhone available from Apple.

While Apple might stick with the SE's original design in order to cut down cost, it will also probably come with a number of upgrades in order to keep it current. This means improving its processor and equipping it with a more advanced camera.

Keeping the 4-inch screen when most flagships and middle-market models come between 5 and 6 inches will also make it a great choice for people who want more portability or those with smaller hands or pockets.

The fact that it supplements the current Apple line up also means more profit for the Cupertino-based tech giant. Given that the iPhone X already faces stiff competition from other manufacturers not to mention the iPhone 8, having another model that appeals to a different market is definitely a good thing.

Having choices is definitely good for consumers but it's unclear how other, cheaper iPhones may affect the excitement around future iPhone launches. The presence of alternatives have allowed users to refrain from upgrading their current device and with the smartphone market being the highly competitive market that it is, each new launch is a high stakes endeavor for any manufacturer.