Rumors of a cheap iPhone in the works have graced the headlines this week. But according to Phil Schiller, Apple’s Senior Vice President of Worldwide Marketing, the rumored cheap iPhone model will never be the future of Apple products. Speaking to the Chinese newspaper Shanghai Evening News yesterday, Schiller said that Apple is not working on a cheaper iPhone, one that would grab market share right away. “We are not like other companies, launched multiple products in one breath, then pinning his hopes on a product to get the favor of consumers,” said Schiller.

“Despite the popularity of cheap smartphones, this will never be the future of Apple’s products. In fact, although Apple’s market share of smartphones is just about 20 percent, we own the 75 percent of the profit,” he adds. Schiller also notes that the key to winning customers is through user experience. He also stressed that Apple is a company that only considers using the best technology, such as the Retina display, aluminum alloy, glass, and precise manufacturing techniques. It looks like the rumors aren’t true after all.

Filed in Apple. Read more about iPhone.

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