Apple’s 10th anniversary iPhone, dubbed the iPhone 8, will actually be called the iPhone Pro and will go on sale in September as scheduled.
However, the iPhone Pro will cost $1,100 and will only initially be available in limited quantities, according to a report by JPMorgan.
Despite reports the release of the new premium iPhone will be delayed, JPMorgan says it will launch on time but only 2 million units will be available in September.
Although the bank went onto say that it expects Apple to ramp up production in October and November in order to satisfy demand.
Previous reports claimed the new iPhone wouldn’t launch until October or even December due to technical issues related to the embedding of the fingerprint scanner into the display of the phone.
“Importantly, we do not believe that Apple’s production schedule is still changing materially with most current delay reports simply dated reverberations of decisions Apple made back in the spring,” Rod Hall from JPMorgan said in a note to investors.
“We expect a small amount of late September EMS output for the Pro model and then ramping production through October with target output levels achieved in late October/early November.”
JPMorgan added that the iPhone will cost more than previous models due to increased production costs and is expected to retail for $1,100.
Whatever it is eventually called, the new iPhone is expected to include a full screen OLED display, improved wireless charging and facial recognition, a 3D dual camera and augmented reality capabilities.