Apple’s Vice President slams iPhone Mini rumours

Those of you looking forward to picking up a cheap iPhone in 2013, prepare to be disappointed. Apple’s vice president Phil Schiller just put that rumour to bed, confirming Apple has no plans to release a cheaper iPhone in 2013.

Speaking the Shanghai Evening News, Schiller said, cheap products would ‘never be the future of Apple products,’ according to Reuters.

Schiller didn’t rule a cheaper iPhone out entirely. But seemed pretty emphatic about the on-going success of Apple’s current iPhone business despite analysts’ claims to the contrary.

Apple’s share of the smartphone space as of Q1 2013 is around 20 per cent, according to Schiller, but it controls around 75 per cent of the profits. And this is the key to Apple’s success: it has huge margins.

For this reason, says to Schiller, Apple does not have to flood the market with cheap handsets like LG, Nokia, and Huawei.

Instead it’s sticking to what it knows best: releasing expensive products and making them seem unique and exclusive despite their now ubiquitous nature.

Apple will launch the successor to 2012’s iPhone 5, a device called either the iPhone 5S or the iPhone 6, in Q2 2013. Check out our round up of Everything We Know About the iPhone 5S/iPhone 6.UPDATE: 

Reuters, says The Verge, has withdrawn its story on the interview after The Shanghai Evening News made 'substantial changes'to the article.