Apple announced an iPhone press event on Tuesday where the company is widely expected to announce a new model of its best-selling smartphone, according to dpa. The event is scheduled to take place October 4 at the company\'s headquarters in Cupertino, California.The invitation to the event was titled \"Let\'s talk iPhone,\" and contained few other details about the launch. Apple\'s new chief executive, Tim Cook, is expected to present the device in his first keynote speech since taking over last month from the company\'s iconic founder Steve Jobs Unconfirmed reports say the next generation iPhone will have completely new hardware including upgraded processors, camera and screen. Some analysts expect Apple to announce a new entry level iPhone that would be less expensive than the all-new model.The company sold 16 million iPhones in the first quarter of 2011.