While the iPhone X is the most impressive iPhone Apple has built to date, its starting price of $999 is just too expensive to convince some patrons to upgrade their devices. However, there is good news circulating in the rumor mill: the tech giant might be bringing some of its premium features to the next iPhone at a cheaper cost.

A report from Economic Daily picked up by First Post reveals that Apple is developing a high-end smartphone codenamed "Lisbon" and a lower-end one called "Hangzhou." Citing unnamed supply chain sources, the publication says both of the devices will be released next year and will be packed with some features available on the iPhone X. Details are scarce at the moment, but the features in question could be Apple's Face ID and organic light-emitting diode (OLED) displays.

The iPhone maker's decision is apparently due to its sluggish sales in China. By offering a lower cost model, it is hoping to boost its market share in the country. According to recent data, Apple currently sits at 17.7 percent behind sister brands Oppo and Vivo, which have a combined share of 19.7 percent. Huawei remains to be the leading brand in China, with 31.1 percent market share.

As for the price of the lower-end iPhone, predictions say it would be 10,000 yen (around $90) cheaper. It is not that much of a difference, but at the low $800 range, the new iPhone will be priced like other flagships in the market.

It remains to be seen what Apple would call its 2018 iPhones. Some call it the iPhone 9, while others believe it will be named the iPhone 11. Other possible names include iPhone 8S, iPhone X2, and iPhone XI. Regardless, it will likely be unveiled sometime in September 2018 should it decide to follow its traditional release timeline.

Obviously, these are mere speculations right now, so it is best to take them with a grain of salt.