The iPhone 16e, however, does not. With a modernized design and (nearly) the same processor available across the entire iPhone 16 series, it's clear Apple wants you to think of this as every bit as impressive as the rest of its current-day lineup.

With a starting price of $599, Apple Inc.’s iPhone 16e is hardly a budget phone.Most Read from BloombergTrump DEI Purge Hits Affordable Housing GroupsElectric Construction Equipment Promises a Quiet RevolutionNYC Congestion Pricing Toll Gains Support Among City ResidentsOpen Philanthropy Launches $120 Million Fund To Support YIMBY ReformsProspect Medical’s Pennsylvania Hospitals at Risk of ClosureThis new handset replaces the $429 iPhone SE as the cheapest phone in Apple’s lineup.