Update: The Atlantic is now reporting that Schiller never even mentioned anything cheap iPhone related to the Shanghai Evening News. The newspaper made revisions to Schiller’s comments, who is now quoted as saying that Apple would focus on making “the best products” for customers and “never blindly pursue market share.” Shanghai Evening News removed all mentions of a cheaper iPhone handset in a new version of their story.

News organization Reuters posted a story yesterday that featured Apple senior vice president of worldwide marketing Phil Schiller dismissing Apple’s interest in making a cheaper iPhone. Reuters wrote a note on why they rescinded the story, citing that their story was based on a Shanghai Evening News report that was updated with “substantial” changes to its content, leading Reuters to take down its story.

Reuters didn’t elaborate what “substantial” changes were made to Shanghai Evening News’ story, which is still live on jfdaily.com.

A less-expensive iPhone would help the Cupertino, Calif.-headquartered corporation compete with Android in countries where phone subsidies don’t exist, lowering the cost of the premium priced iPhone handsets. As the Wall Street Journal pointed out on Tuesday, the cheaper iPhone would be aimed at emerging markets like China. The cheaper iPhone is predicted to sell for $99 to $149.