Apple on Wednesday introduced a new version of its cheapest iPhone but at a significantly higher price, continuing a trend of smartphone companies and consumers gravitating toward higher-end devices.

Ahead of the launch of the iPhone 16e, rumors suggested that Apple would target a price point at or below $500 to stay within the range of

Apple has released a sleeker and more expensive version of its lowest-priced iPhone in an attempt to widen the audience for a bundle of artificial intelligence technology that the company has been hoping will revive demand for its most profitable product lineup.