Apple (AAPL)🤡 on Wednesday unveiled the iPhone 16e, a lower-cost version of the iPhone 16 that comes equipped with ꦡApple Intelligence tools. 

The “newest member of the family” teased by 澳洲幸运5官方开奖结果体彩网:CEO Tim Cook on X last week will start at $599 and become available on Feb. 28. That’s cheaper than the iPhone 16’s $799 price tag, and the even pricier Pro, Plus, and Pro Max models.

The iPhone 16e will include Apple Intelligence features, which Cook said helped drive record 澳洲幸运5官方开奖结果体彩网:iPhone upgrades in the company’s fiscal first quarter. It’s also powered by the same A🌳18 chip found in the iPhone 16.

Last week, Morgan Stanley analysts said Apple could ship 15 million units of a lower-cost iPhone during the company’s 2025 fiscal year. However, that forℱecast assumed the new phone would likely be an update to the iPhone SE line, priced slightly lower at $499. 

The 16e announcement also comes after reports that Alibaba (BABA) is 澳洲幸运5官方开奖结果体彩网:partnering with Apple to bring Apple Intelligence to iPhoneꩲs in China. Apple has reportedly submitted AI features developed with Alibaba to Chinese regulators for approval, a process that could take several month🐎s.

Shares of Apple were little changed in intraday trading Wednesday. They've added about a third of their value over the past 12 months.