Cupertino tech giant Apple Inc. AAPL on Thursday announced the iPhone 16e, an affordable iPhone offering that replaces the third-generation iPhone SE.

What Happened: Apple CEO Tim Cook appeared in a video posted by the company to announce the new budget-friendly iPhone. The smartphone replaces the iPhone SE that was launched in 2022 and comes with several improvements.

iPhone 16e Price And Availability: The iPhone 16e has been priced starting at $599. The device will be available for pre-orders starting from Feb.21 and will go on sale from Feb. 28.

It comes in 128GB, 256GB, and 512GB storage options and is available in five colors: Black, Fuchsia, Lake Green, White, and Winter Blue.

iPhone 16e Specifications: The iPhone 16e runs on iOS 18 and features a 6.1-inch OLED display, an upgrade from the 4.7-inch LCD on the third-generation iPhone SE.

See Also: Apple Supplier Foxconn’s Efforts To Make iPhones In India Thwarted By Tech And Talent Exports: Report

The device is powered by the A18 chipset, which includes a 6-core CPU, a 4-core GPU, and a 16-core Neural Engine. It supports Apple Intelligence, the company's suite of AI features that enhance text, image, and video processing, along with a more advanced version of Siri.

Additionally, the iPhone 16e debuts Apple's first custom modem, the C1, which the company says is the most power-efficient modem in an iPhone to date.

The smartphone features a 48MP camera at the back with support for HDR, portrait mode, and the ability to record 4K videos at 60 frames per second. On the front, the device sports a 12MP sensor.

The iPhone 16e is equipped with a lithium-ion battery that is said to offer up to 26 hours of video playback on a single charge.

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Photo courtesy: Apple