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According to Business Insider, Tim Cook, Apple’s Chief Operating Officer, indicated at a new, cheaper iPhone on the horizon. Tim has shared this new idea with Toni Sacconaghi, Bernstein analyst, during an interview.

During the interview, Cook said that Apple isn’t ‘ceding any market’ and that he doesn’t want Apple to be a brand ‘just for the rich’.

Business Insider believes Cook’s words point to a new, cheaper iPhone in the company’s future that would coincide in with reports that a new iPhone nano could be on the cards.

In the past, Apple’s budget option has been the outgoing iPhone models – the iPhone 3GS is currently available for less than $50 from AT&T.

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  On March 1, 2011(5 years, 3 months ago.)

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