Apple may announce four iPhones in 2020 - replacements for the current Face ID lineup plus a new budget device.
The rumours of a mid-range iPhone won't go away. It's unlikely to be the iPhone SE 2, but it is likely to be a full-screen device without the home button - primarily aimed at markets like China and India where the market is for cheaper, large screen devices than Apple's current Face ID-toting lineup.
It's likely that all the new Face ID models - maybe called iPhone XII or iPhone 12 - would be 5G capable using a Qualcomm modem and that they will all feature OLED displays. Currently, the iPhone XS and XS Max have OLED displays but the iPhone XR doesn't - not that many consumers really know (or can tell) the difference.
The latest rumours come courtesy of a note from analyst Samik Chatterjee at JP Morgan Chase who also suggests that "at least two of the three models adopting world facing 3D Sensing (Time of Flight) driving industry-leading AR/VR capabilities which can be leveraged by custom built applications (including games)."
The analyst's note suggests that the mid-range handset could have the same screen size as an iPhone 8. That handset wouldn't have 5G or an OLED display, understandably and might not even have Face ID but an under-display fingerprint reader instead.
The iPhone XS Max could even get bigger in 2020, as well.