Nikkei reports that the upcoming lower-cost iPhone is similar to the iPhone 8, which was announced back in 2017. It is scheduled to be launched next spring, or between March and June 2020.
The reason behind bringing back the SE name is to reclaim lost market share in China lost to rival brands. One of which is Huawei, which snatched the title of second largest phone brand from Apple. All that said, this is just another iPhone SE rumour to add to the list. Rumours of a second generation SE phone surfaced all the way back in November 2017. This would occur up to two more times, with nothing of the sort actually materialising. Hopefully things will be different this time. (Source: Nikkei)