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Apple introduces iPhone 5S and iPhone 5C

The high-end iPhone 5S and mid-tier iPhone 5C come with Apple's new iOS 7. 

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Phil Schiller, Apple's senior vice president of worldwide product marketing, speaks on stage about the camera quality during the introduction of the new iPhone 5S in Cupertino, Calif.

Marcio Jose Sanchez/AP

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Apple's latest iPhones will come in a bevy of colors and two distinct designs, a cheaper one made of plastic and another that aims to be "the gold standard of smartphones" and reads your fingerprint.

Apple unveiled the latest iPhone models, available on Sept. 20, during an event at its Cupertino, Calif., headquarters. The new iPhones arrive at a time when rival phones from Samsung and other manufacturers are challenging Apple in the competitive smartphone market. Research firm Gartner Inc. estimates that Applehad a 14.4 percent share of the world's smartphone market in the second quarter of this year, No. 2 behind Samsung's 31.7 percent.

The lower-cost iPhone 5C will be available in five colors — green, blue, yellow, pink and white. CEO Tim Cook calls it "more fun and colorful" than any other iPhone. The 5C has a 4-inch Retina display and is powered byApple's A6 chip. It also has an 8 megapixel camera, live photo filters and a rear cover that lights up.

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