Apple unveils iPhone 5C at media event today.
Apple unveils iPhone 5C at media event today. Reuters

At today's Apple iPhone media event, the tech giants rolled out the highly-rumored lower-cost iPhone 5C. The phone was unveiled in an array of colors from green, blue pink, yellow and white, and comes in a polycarbonate design. The phone uses the same A6 processor and rear-facing camera as the iPhone 5. Apple posted a new video featuring Jony Ive, for the iPhone 5C.

A key audience Apple is trying to reach with the 5C is China, as well as other countries where the cost of phones isn't subsidized, like they are in the U.S. The less-expensive iPhone is something consumers have been hoping for, although recent-edition models of iPhones historically have been available at the $99 price point, and sometimes even for free with a two-year contract in the U.S., but this is the first time a new iPhone has been offered for $99.

Apple also said Tuesday that 2011's iPhone 4S 8 GB model will "be available for free" to "qualified customers" with a two-year wireless contract. The phone is made of what Apple calls hard-polycarbonate, using a steel-reinforced interior that also serves as the antenna. The company also introduced a line of #29 cases that snap onto the back of the iPhone 5C and come in pink, yellow, blue, green, white and black.

The iPhone 5C uses many of the same features as the current generation iPhone 5. It has a 4-inch Retina display, and the same Apple A6 processor. The new 5C also includes an 8 megapixel iSight camera and a new Facetime HD camera for FaceTime calls. It does not have the new fingerprint sensor for security of purchasing like the iPhone 5S.

The iPhone 5C will be available from four major U.S. carriers -- Verizon, AT&T, Sprint and T-Mobile. The 5C device is available for preorder this Friday, September 13 for $99 in 16 GB and $199 in 32 GB with a two-year contract. The phone will go on sale Friday, September 20.

Related: iPhone 5S Release Date, Price And Features Revealed! [VIDEO]

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