Apple organization is going to release its next generation iPhone later this year. Apple's chief executive Steve Jobs, revealed last Monday about this low cost, faster and more powerful iPhone.

This new model fixes some of the most obvious failing of its first iPhone, which was released almost a year back. Analysts said that this clearly indicates the Apple's aim on to challenge Nokia for its domination on the international mobile phone market.

Most importantly the iPhone2.0 as Jobs called it, runs on 3G mobile networks rather than the slower Edge networks, and will sell for $199 for an 8GB device and $299 for a 16GB model. The original 8GB device sold for $599 when it went on sale last year.

Added to these new mobile features, it has GPS location tracking and is slightly thinner, has a full plastic back, solid metal buttons, 3.5-inch (9-centimetre) display, improved battery life, camera, a flush headphone jack and improved audio. The new model will go on sale on July 11.

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