"Despite the popularity of cheap smartphones, this will never be the future of Apple’s (AAPL...

|About: Apple Inc. (AAPL)|By:, SA News Editor

"Despite the popularity of cheap smartphones, this will never be the future of Apple’s (AAPL -0.1%) products," says SVP Phil Schiller in an interview with a Chinese paper. He adds that in "every product that Apple creates, we consider using only the best technology available." The remarks throw cold water on reports of a cheaper iPhone featuring less costly materials, and particularly on a Bloomberg report that Apple is considering retail prices of just $99-$149 for the device. Update: The interview's text has been significantly revised.