“Low cost” iPhone is indeed set to be released later this year according to a reliable source. This is in relation with the reports that Apple has three different phones in development. Since early January rumors have been circulating about a cheaper iPhone that will be possibly called as “iPhone 5S” or “iPhone 6”. The rumors began when a lot of reports from supply chain sources and even major US news sites like The Wall Street Journal and Bloomberg had an eye about the new iPhone development. The development is said to be targeted towards lower-income, emerging markets like China and India.