iphone lite budget

Rumors are flying that Apple will unveil not one but two new smartphones this fall: the flagship iPhone 5 successor (likely called the iPhone 5S) and a budget-friendly "iPhone Lite," which may only be available in emerging markets. However, according to Pegatron CEO T.H. Tung the iPhone Lite will be closer to a mid-range device than a cheap model.

At the Chinese company's shareholder's meeting on Thursday, Tung addressed rumors that the electronics manufacturing company was working with Apple on the new line of iPhones, seemingly confirming rumors that a cheaper iPhone is on the way, even if it won't really be that cheap at all. Apple has started working more with Pegatron in an effort to reduce its reliance on Foxconn for the production of its devices. Pegatron started gearing up for iPhone production early last month, reportedly increasing it's work force by 40 percent.

Tung went on to compare the iPhone Lite to the growing ranks of mid-range smartphones that aren't sold for top-tier prices but still pack a punch and come stocked with plenty of features. A recently leaked case for Apple's budget smartphone suggests the device will be slightly larger than the iPhone 5S with a thicker frame and curved edges.