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Cheaper version of the iPhone could be available soon

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(CNN) -- Apple is reportedly working on a cheaper iPhone as sales of Android-powered devices skyrocket. The Wall Street Journal is reporting on the rumored plans.

It's the latest strategy change for the company since the death of founder Steve Jobs and CEO Tim Cook took over in August of 2011.

The new iPhone could be made of plastic instead of the current, more expensive aluminum option.

The Wall Street Journal reports the less expensive iPhone could be available later this year.