New reports suggest that the Apple Watch SE 3 is still in 'active development', and will feature a new casing.

According to Mark Gurman's 'Power On' newsletter at Bloomberg, a "new Apple Watch SE with plastic shell remains in development", with the company intending to bring down the price of the wearable with this more affordable material. Gurman also anticipates this new SE will come equipped with a new chip, but didn't say whether it would be the S10 chip, currently found in the Apple Watch Series 10, which is set to be made available on Friday (September 20).

There had been rumors that an Apple Watch SE 3 would be announced at Apple's 'It's Glowtime' event on September 9, but that didn't come to pass. Instead, Apple unveiled the Apple Watch Series 10 and introduced a new Satin Black finish for the existing Apple Watch Ultra 2. 

The current SE model has been available since 2022, but doesn't have an ECG to help measure your heart's electrical activity, nor does it have an always-on screen. A plastic casing could lower the SE's price while introducing features like ECG at a more affordable price.  

Still, the current Apple Watch SE remains a great purchase, especially as a Christmas gift for anyone new to Apple's wearables.

How much could the price drop for the Apple Watch SE 3?

Apple Watch SE has always been positioned as the cheaper model in the entire Watch line. It's the entry point for anyone looking to explore the benefits of an Apple Watch for the first time, especially to see if it can help with their health and fitness. At $249 / £219, it's a good price, but the SE faces fierce competition from wearables such as Fitbit's Versa 4, which includes ECG heart rate and sleep tracking for $199. 

Switching the material from aluminum to plastic could be a key move to help drive the price down of the Apple Watch SE 3, potentially below $199 — perhaps even toward $149. If Apple manages to incorporate ECG and sleep tracking in this new model, these efforts could make the Apple Watch SE 3 a very enticing buy for someone on a budget.

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Daryl is iMore's Features Editor, overseeing long-form and in-depth articles and op-eds. Daryl loves using his experience as both a journalist and Apple fan to tell stories about Apple's products and its community, from the apps we use every day to the products that have been long forgotten in the Cupertino archives.

Previously Software & Downloads Writer at TechRadar, and Deputy Editor at StealthOptional, he's also written a book, 'The Making of Tomb Raider', which tells the story of the beginnings of Lara Croft and the series' early development. His second book, '50 Years of Boss Fights', came out in June 2024, and has a monthly newsletter called 'Springboard'. He's also written for many other publications including WIRED, MacFormat, Bloody Disgusting, VGC, GamesRadar, Nintendo Life, VRV Blog, The Loop Magazine, SUPER JUMP, Gizmodo, Film Stories, TopTenReviews, Miketendo64, and Daily Star.