SHANGHAI, Jan. 11 (UPI) -- Apple says reports in The Wall Street Journal and other publications of a possible lower-cost iPhone are incorrect.
The Journal had quoted sources suggesting Apple could introduce a less-expensive iPhone before the end of the year.
Phil Schiller, Apple's senior vice president of worldwide marketing, said in an interview with a Chinese newspaper in Shanghai that inexpensive iPhones would "never be the future of Apple products," InformationWeek reported Friday.
Sources had reported Apple might switch from the aluminum frame used in the iPhone 5 to plastic, creating a phone that would be cheaper to manufacture.
Although Schiller's remarks may have silenced speculation for the moment, Apple has admitted some of its products -- like the iPad Mini that is priced $100 more than its closest competitors -- have thin profit margins.
The sources cited in the reports of a possible new phone may have seen products still in the research and design phase that could be years from production -- if they're ever actually introduced -- InformationWeek said.