Apple is planning to release three new smartphones this year

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The news agency reports that Apple is planning three new phones, including a new iPhone in a "phablet" size, with a screen of 6.5inches and resolution of 1242 x 2688.

The larger handset will feature a 6.5-inch, 1242x2688 screen - making it Apple's biggest ever iPhone.

Both phones will allegedly feature a new A12 processor, stainless steel rounded edges, an upgraded iOS 12 with enhanced augmented reality chops, and Apple's facial recognition laser system, called Face ID.

Similar to the Plus releases of past years, the iPhone X is reportedly getting a size upgrade with a screen that could measure up to 6.5 inches - a 0.7 inch difference from the current iPhone X's 5.8 inches.

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An iPhone X is seen on a large video screen in the new Apple Visitor Center in Cupertino, California, U.S., November 17, 2017.

The two may also be offered in a gold color option.

The cheaper iPhone X will use an LCD display and will continue to use Apple's Face ID. The new, affordable devices will feature the edge-to-edge screen seen on the iPhone X in order to give the device a more modern feel.

The screen that is showcased has a 6.5-inch display, which is only 1.4 inches smaller than the iPad Mini.

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The larger iPhone may also have dual-SIM functionality for the first time in Apple's history, to appeal to travelers in some markets.

However, Apple's increased average selling price of iPhones - most notably with the iPhone X starting at $999 - generated 13 percent more revenue last quarter than in the same period a year earlier.

Perhaps more interesting is Apple's decision to apparently go for the economy market.

The iPhone X is also set to get an upgrade come this fall, according to the report. A dual-SIM capability would provide a compromise.

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Apple hasn't made a final decision on including the feature and could choose to wait for E-SIM technology, which will connect phones to multiple networks without the need for a removable chip. The company is also reported to now develop its iOS 12 which to the company, will bring "upgraded augmented reality capabilities, deeper integration of the Siri digital assistant, digital health monitoring and the ability to use Animojis in FaceTime". The launches are still months away (they will likely come during September, October, or November, given Apple's past releases), so plans are still subject to change.