Apple has confirmed that today will mark the day when it will be be presenting 'newest member of the family'. Ultimately, the company did not offer any further details about what it has planned, let alone what time this 'newest member' would be unveiled. Nonetheless, Apple is expected to unveil a new iPhone as a cheaper alternative to the iPhone 16 (curr. $719 - renewed on Amazon).
Previously, the iPhone in question was believed to be arriving under the iPhone SE series as the iPhone SE 4 or iPhone SE (2025). Some quarters reported that Apple may return to iPhone 5c and iPhone XR branding of old with the iPhone 16E, which last minute leaks reinforce. For example, Elecom Japan has started returning iPhone 16E-related accessories rather than iPhone SE 4 or iPhone SE (2025).
Likewise, various third-party manufacturers have added cases for the iPhone 16E. Some are hedging their bets by mentioning iPhone SE 4 and 'iPhone SE 4th Gen 2025' in their product listings too, though. While all this is circumstantial evidence, Mark Gurman sees Tim Cook's reference to the 'newest member of the family' as a nod to a re-brand away from the iPhone SE name. Currently, Apple is expected to deliver its next 'cheaper' iPhone from around $500 in the US.
Source(s)
Amazon US via MacRumors, Elecom Japan via Majin Bu (1) (2) & Naver Blog