Apple has released a new lower-cost model iPhone amid the COVID-19 pandemic.

Usually, Apple's new product announcements are an event accompanied by searchlights and fireworks, but the new iPhone SE was released somewhat clandestinely overnight, in a 60-second video unveiling the new phone.

There's ‘Lots to love. Less to spend’, says Apple, with the new phone retailing for $749 – well below the cost of the topline iPhone 11 Pro Max with the 6.5-inch display.

The new device looks like iPhone 8 but has the advanced A13 Bionic chip – same as the latest iPhone 11 and 11 Pro models.

“The first iPhone SE was a hit with many customers who loved its unique combination of small size, high-end performance and affordable price; the new second-generation iPhone SE builds on that great idea and improves on it in every way — including our best-ever single-camera system for great photos and videos — while still being very affordable,” said Apple’s senior vice president of worldwide marketing Phil Schiller.

“iPhone SE features the industry-leading performance of A13 Bionic that enables great battery life, takes stunning Portrait mode and Smart HDR photos, shoots amazing videos with stereo audio, is great for games and super fast web surfing, and is built with the same industry-leading security features our customers expect. We can’t wait to get iPhone SE into customers’ hands.”