Apple CEO Names Cheap iPhone Release Date: Never

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In a speech on Tuesday, Apple CEO Tim Cook debunked rumors suggesting the release of a less expensive iPhone made of cheaper components.

The company's focus is on creating great products, and it will not make a smartphone that does not meet Apple's standards for quality, Cook said during a webcast from the Goldman Sachs Technology and Internet conference, according to an InfoWorld article.

Cook said Apple won't follow the lead of some of its rivals in assembling lesser quality versions of its product. He noted how his company already offers lower prices on older iPhone models after the new ones come out and pointed to the demand for iPhone 4S's and iPhone 4s, which was greater than supply in December.

"It surprised us as to the level of demand we have for [them]," Cook said.

In addition to lowering the price on older models, Cook said, Apple already reaches out to price-sensitive buyers by creating products like the iPad mini, which maintains the same quality standards but is given a cheaper price tag since it has a smaller screen than its big sister, the original-sized Apple tablet.

Apple has long said that it's more about margins than quantity of products sold. And while Cook shot down rumors of a more cheaply made iPhone – rumored to be targeted at emerging markets such as China – he didn't explicitly deny widespread speculation about multiple iPhones with varying screen sizes potentially being released later this year.

June is the most common industry prediction about a release date for a new version[s] of the iPhone.

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