Phil Schiller, Apple's senior vice president of worldwide product marketing, speaks on stage during the introduction of the new iPhone 5c in Cupertino, Calif., Tuesday, Sept. 10, 2013. (AP Photo/Marcio Jose Sanchez)
Apple says it is planning to release two new iPhone designs later this year so it can serve more customers.
The iPhone 5C, which will be available in five colors -- green, blue, yellow, pink and white. CEO Tim Cook calls it "more fun and colorful" than any other iPhone. The 5C has a 4-inch Retina display and is powered by Apple's A6 chip. It also has an 8 megapixel camera, live photo filters and a rear cover that lights up.
The iPhone 5C will cost $99 for a 16 gigabyte model and $199 for a 32 gigabyte model with a two-year wireless contract.