San Francisco, Aug 5 (IANS): Tech giant Apple's upcoming iPhone 14 base model is rumoured to cost $799, which is the same price as the iPhone 13.

The move is aimed at boosting sales for the model. The global smartphone market has experienced a squeeze and the tipster said Apple is adjusting to coping with the reality, GizmoChina quoted a South Korean blog as saying.

The source of information is said to come from a major US financial institution.

The iPhone 14 lineup includes the iPhone 14, iPhone 14 Pro, iPhone 14 Max, and the 6.7-inch iPhone 14 Pro Max, which is the top of the pick.

As per media reports, the tech giant has likely discontinued the 5.4-inch iPhone mini this year.

While the Pro models will be powered by the A16 Bionic chipset, the non-Pro models will retain the A15 chip.

The iPhone 14 Pro and iPhone 14 Pro Max will combine a circular hole-punch cutout and a pill-shaped cutout for their camera setup and Face ID functionality.

A recent report said that Samsung Display will be applying different grades of materials on the OLED panels it will manufacture for the upcoming iPhone 14 series depending on the model tiers.

It will use its latest and most advanced material set for the higher tier iPhone 14 models, while it will use its prior generation set for the lower tier ones. The move is being made to save costs.