NASD:APPL: iPhone 5C coming in five colors, $99 with contract

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the security features of the new iPhone 5S. The 5S features a fingerprint sensor, has an upgraded camera and contains an A7 chip. (Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5S comes in three colors and contains an A7 chip. (Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors. (Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors. (Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors.

(Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors.

(Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors.

(Justin Sullivan / Getty Images)

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Phil Schiller, Apple senior vice president of worldwide marketing, speaks about the new iPhone 5C during an Apple product announcement at the Apple campus in Cupertino, Calif. The iPhone 5C model that will run iOS 7, is made from hard-coated polycarbonate and comes in various colors. (Justin Sullivan / Getty Images)

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Apple senior vice president of software engineering Craig Federighi speaks about iOS 7 during Apple’s unveiling of its new 5S and 5C iPhones at the Apple campus in Cupertino, Calif. (Justin Sullivan / Getty Images)

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Apple’s Craig Federighi explains features of the new 5S and 5C iPhones. (Justin Sullivan / Getty Images)

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Apple CEO Tim Cook speaks at the unveiling of the 5S and 5C iPhones. (Marcio Jose Sanchez / Associated Press)

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Members of the media and Apple employees wait outside Apple headquarters before the unveiling of the new iPhone models. (Marcio Jose Sanchez / Associated Press)

By Salvador Rodriguez

Sept. 10, 2013 10:42 AM PT

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Apple’s long-rumored low-cost iPhone is now official.

The Cupertino, Calif., tech giant said it will release a polycarbonate iPhone called the iPhone 5C that will be available for as low as $99 with a two-year contract, according to numerous reports.

The new iPhone model will be available in blue, gray, pink, yellow and green options.

LIVE: Apple iPhone event

Customers will be able to get the iPhone 5C with 16 GB of storage for $99 or 32 GB of storage for $199.

Apple will also sell colorful cases for the iPhone 5C that will cost $29.

No release date has been announced yet.

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