Apple Plans Cheaper iPhone

According to the Reuters news organization, Apple Inc. plans to launch a cheaper version of the iPhone near the end of this year that could be based on the ultra-slim iPod Nano music player. The information, released via a JP Morgan report, cites a patent application document dated July 5 that refers to a multifunctional handheld device with a circular touch pad control, similar to the Nano's scroll wheel.

Kevin Chang, a JP Morgan analyst based in Taiwan and author of the report, sees the addition to Apple's mobile lineup as a logical one. "We believe that iPod Nano will be converted into a phone because it's probably the only way for Apple to launch a lower end phone without severely cannibalizing iPod Nano," he said noting that the new phone could have "rather limited functionality."

For all of us (myself included) who didn't manage to scrape together the $600 to buy an iPhone when the product began selling late last month, there is still hope. We too may one day be able to join the smug throngs of Apple's loyal, electronics-addicted devotees.

You can read the original Reuters story here