Apple is launching an 8GB version of the iPhone 5c and the new device is currently available for pre-order across European carriers. The company will also offer an iPad 4 tablet in place of the mid-range iPad 2. The new model is available by UK operator O2 and French provider SFR on multi-year contracts.

Apple has added the new model to its online stores pricing unlocked models at £429 ($714).

Should Apple choose to bring the new budget model to the US, the price seems likely to fall somewhere around $499.

Aside from a reduced amount of storage, the latest iPhone 5C is identical to the hardware that launched back in October. It features a 4-inch Retina display, Apple's A6 processor, and an 8-megapixel camera.

The introduction of a cheaper iPhone 5C could mean that Apple's mid-level smartphone is falling short of expectations. Apple has not provided any sales figured for the 5c, since its introduction.

Apple has also brought the previous-generation iPad 4th gen back into production in order to replace the aging iPad 2. The fourth-gen iPad is now available on Apple's website, this time with only an 16 GB capacity.

The newer version includes Apple's custom dual-core A6X processor, a 5 MP iSight camera, and 1.2 MP FaceTime camera.

The iPad 4 is available at $399 for the Wi-Fi model. The cellular model costs $599.