Apple is either going to release the iPhone 5S or iPhone 6 later this year. Alongside that device, Apple is also rumored to be releasing a cheaper iPhone for the Chinese market. We've heard some rumors on what it would look like, but a recent leak may have finally unveiled the cheaper iPhone's rear shell.
As you can tell, the rear shell is made out of plastic instead of the aluminum that's now standard in the current iPhone. It fits with previous rumors that said the cheap iPhone would be made out of plastic to cut costs. It also appears to jibe with rumors that the cheap iPhone would look like a combination of the iPod Touch and iPod Classic.
As for hardware, it's said that it will be powered by the A5 processor. Interestingly enough, it's said that the A5 in the cheap iPhone will be the same A5 that powers the iPad 2 and iPad Mini. That would give the cheaper iPhone a small jump in performance over the A5 that was in the iPhone 4S.
The cheaper iPhone is also rumored to sport a 3.5-inch display instead of the 4-inch display that's been rumored for the past few months.
On a final note, it appears that Apple will be treating the cheaper iPhone the same way it treats its iPod line. The device will be available in multiple colors, including blue, red and yellow on top of the usual black and white.[h/t: Engadget]