To be fair, Apple never said it intended to launch a budget phone, but many analysts and investors were horrified to learn that the iPhone 5C was supposed to sell for 4488 yuan ($730) off-contract in China. The Chinese market is a tough nut to crack, especially now that it’s possible to get locally designed flagship Android devices for $300 to $350.
According to Chinese media, Tmall, the country’s biggest B2C retail service, has already slashed the price of the entry level iPhone 5C to 3699 yuan, or $600. It is estimated that 91 percent of new iPhones solid in China since the launch were S models.
Of course, this only applies to the Chinese market, and a single retailer. There are no changes in the US or EU and this is clearly not an Apple price cut. What's more, the old iPhone 5 (unlocked) is still some €50 cheaper than the iPhone 5C in Euroland, and we'd recommend it over the iPhone 5C any day.
More at BGR.