Apple’s new iPhone SE 4 model is nearing release, and the company plans to unveil the much-anticipated overhaul to its entry-level smartphone in the coming days.

Apple first came out with the SE model in 2016 as an entry-level smartphone. The current model came out in 2022 but lacks a face ID and Is the only model in the company’s lineup with a home button. The new version will look more like the iPhone 14 and also include Apple Intelligence, the company’s AI software.

The announcement is expected as early as next week, ahead of it going on sale later in the month, Bloomberg reported. The device is likely to be launched on the tech giant’s website, with a launch event highly unlikely.

The move is being seen as a bid by Apple to modernise its lower-cost model to spur growth and entice consumers to switch from other brands.

There are already telltale signs that the new phone is coming. Inventory of the current iPhone SE has dried up at Apple retail stores in many parts of the US, which typically happens before a refresh.

Apple retail employees at several stores say that inventory has been dwindling for weeks and customers who want to buy the device in certain configurations sometimes need to be turned away.

The phone remains available for purchase on Apple’s online store but some configurations, including a red version with 256 GB of storage, aren’t shipping until March. Stockpiles of the iPhone 14 and 14 Plus also are running low.

The current SE costs $429, which is hundreds less than the $799 regular iPhone 16. Given the new features and design of the updated SE 4 model, Apple may increase that price. But it’s likely to remain in the same general range as entry-level smartphones from Samsung and Google.

Why is the new Apple iPhone SE 4 launch a big deal?

Apple already discontinued the current SE and iPhone 14 in the EU because the products don’t comply with local laws requiring USB-C, a charging standard adopted by other iPhones in 2023. The new iPhone SE will get that port, letting it return to the EU.

A new iPhone SE could be especially enticing in overseas markets like China, India, and other parts of Asia, where Apple is trying to bolster its business. The combination of high-end features and a roughly $500 price point could make it an attractive alternative to local brands, even though it will likely remain more expensive. Apple’s sales fell 11% in China last quarter but grew in other emerging markets.

Apple’s iPhone business could use a boost. Sales of the device declined 1% during the holiday quarter, a worse performance than expected, and Apple is banking on the new low-end phone to help restore growth.

The new device, code-named V59, also will be Apple’s first with an in-house cellular modem, replacing a component from Qualcomm. It will have a larger screen with Face ID and also include a speedier A18 chip, which will help support Apple Intelligence. The removal of the home button from the iPhone SE means that Apple will have fully phased out the iconic interface, which debuted on the first iPhone in 2007.

Apple is planning a broader shake-up to the iPhone lineup this year. The upcoming iPhone 17 and 17 Pro models will get major updates, and there will be a new ultrathin version, part of an industry shift to skinnier smartphones.