A cheaper, 8GB iPhone 4 is on its way, and could be available within weeks, reports Reuters. A Korean supplier has reportedly started manufacturing the new flash drive for the phone, say sources. Analysts suspect the plan may be to use this phone as a way to juice sales in developing markets, "where customers want to switch to low- to mid-end smartphones from high-end feature phones, which usually cost $150 to $200," said one analyst.
But that price point isn't too achievable in this round, says the analyst: "I think for an 8GB iPhone 4 the price is hard to go below $200, so Apple will still need a completely new phone with low specifications for the emerging markets." (Read more Apple stories.)