Apple is releasing a new, much cheaper, iPhone.

The second-generation iPhone SE announced Wednesday will sell for as little as $399. That’s a 40% markdown from the most affordable iPhone 11 unveiled last year.

This is the first time Apple has launched a new phone without its hyped up in-person events, because large gatherings are banned due to the virus.

The SE is powered by the Apple-designed A13 Bionic, which the company claims is the fastest chip in a smartphone.

Apple also says the SE has the best single-camera system ever in an iPhone, which unlocks the benefits of computational photography including Portrait mode and is designed to withstand the elements with dust and water resistance.

The SE has a 4.7-inch display and comes in three colors – black, white and red. It will be available for pre-sale starting Friday and it arrives April 24.

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