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Less costly iPhone may debut soon

NEW YORK — Apple Inc. is set for a possible summer launch of the next iPhone, rather than a fall launch as with the last two models, The Wall Street Journal reported Tuesday.

Apple is also working on a cheaper iPhone model that could win it market share in developing countries, the newspaper said, citing people familiar with the matter.

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The report was in line with analysts’ expectations.

The iPhone 5 costs about $600, and while Apple maintains older iPhones in production, even those aren’t cheap enough to compete effectively against low-end smartphones that run on Google Inc.’s Android software.

Apple does not comment on products before its launch events. Its executives usually emphasize that the company’s goal is to make the best products, not the cheapest ones.

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