Apple to launch new lower-price iPhone at $429 as it faces stiff Chinese competition

Core Viewpoint - Apple is launching a new lower-priced iPhone model to counter competition from Chinese rivals, specifically introducing an updated version of the iPhone SE, which is expected to be priced above the current model at $429 [1][2]. Product Features - The new iPhone SE will feature a redesign, including the removal of the physical button at the bottom of the screen and a reduced bezel size, aligning it with newer iPhone models [2]. - Analysts anticipate that the new model will be larger than the original iPhone SE [3]. - The updated iPhone SE is expected to include Face ID technology, which was not available in the first version [4]. - The new model is likely to adopt a USB-C charging port instead of the older Lightning plug [5]. Market Context - Apple has previously ceased selling the iPhone SE in certain international markets due to non-compliance with EU regulations regarding the Lightning port [7]. - The company recently forecasted higher sales than Wall Street expectations, attributing this to the rollout of new artificial intelligence features, which are expected to help earnings recover from a decline [8][9]. - The forecast comes in light of a slump in iPhone sales and revenue from China during the holiday quarter, primarily due to competition from companies like Huawei [9].