Apple today announced the iPhone 5C, a lower cost version of the iPhone with a plastic exterior. Containing similar specs to the iPhone 5, this is still a powerful device, but will sell at mid-range prices.

The 5C contains the same A6 processor as the iPhone 5 sported, and an 8MP camera. Coming in five different colour choices, the scratch-proof plastic case is slightly thicker than the iPhone 5 and 5S, but retains a relatively minimal look that Apple are known for. This definitely looks like a cheaper device, however, and is Apple's first plastic covered product since the white Macbook was discontinued.

A 4-inch retina display, almost identical to the one on the iPhone 5, is the centrepiece to this device at 1136 x 640 pixels. It will run iOS 7, the newly redesigned version of Apple's mobile operating system.

The 8MP camera will not be the upgraded one included in the iPhone 5S, but will be similar to the one in last year's iPhone 5. However, the 5C will come with a new FaceTime HD camera for 720p calling. The phone has a metal structure, which acts as an antenna and will work with 4G LTE around the world.

Apple will release a soft case for the new phone, with cut out patterns to show the colour of the phone, which will cost $29 in the US.

Apple have traditionally sold their previous-generation devices as a lower-cost option, but the 5C has reduced the need for this. Contrary to some rumours, this phone will be available in countries other than China, but it is set to make a big stir in developing countries thanks to it's price point. In the US, the phone will come in at $99 for a 16GB model and $199 for a 32GB model on two year contracts.