A low-cost "iPhone Nano" is in the works, reports China Times (via BGR).
This rumor seems to surface annually since the iPhone's introduction in 2007.
China's $375 iPhone 3GS is too expensive to compete with more affordable Android handsets, so Apple would clearly want to shake up the market and get more people using its hardware.
An "iPhone Nano" could be just the ticket -- a fraction of the price (and presumably the size) that would still offer most, if not all, of the same functionality of the iPhone 4 or 4S.
As Zach Epstein of BGR puts it, "the “iPhone nano” is rumor until it’s not."
