We await official news of Apple's heavily rumored new budget smartphone, the iPhone 9 (aka iPhone SE 2). But in the meantime, there are more rumors about the existence of this smartphone and its surprisingly low price.

Sources told Fast Company that Apple has once again confirmed that it is preparing to produce a new budget iPhone, which is expected to be released in March. This is consistent with other reports and leaks.

One of the sources also reconfirmed that the new iPhone will be priced at about $400 (£310 equivalent), which Apple is aiming to beat the competition in China. Lower prices will also benefit the company in countries like India and, hopefully, in the U.S. and U.K. as well, for users looking for more affordable phones.

The best budget phone today is the Pixel 3a, and the iPhone 9 will bring competition to Google.

The iPhone 9 will be based on the iPhone 8 body, with a 4.7-inch display and is expected to be much smaller than the full-screen iPhones seen starting with the iPhone X and more recently the iPhone 11 and iPhone 11 Pro.

While the iPhone 9 may look similar, this will not be an obsolete device. It is rumored to be powered by Apple's latest CPU, the A13 Bionic, and could be available in two more sizes, with the larger size possibly featuring a Touch ID sensor attached to a new type of power button.

You can read more about this new iPhone on the iPhone 9/iPhone SE 2 hub page. It contains all the news and rumors so far, so you can prepare for the March announcement.