Apple apologized for secretly slowing down older iPhones, a move it said was necessary to avoid unexpected shutdowns related to chemically aging batteries.

Many customers had interpreted the move as a way to for Apple to juice demand for newer iPhone models, their suspicions fueled by the fact that the company didn't initially disclose the slowdowns or its reasons for them.

"We apologize," the company said on its website . "We have never - and would never - do anything to intentionally shorten the life of any Apple product, or degrade the user experience to drive customer upgrades."

Apple also said it will cut the price of a battery replacement by $50 to $29 through next year. New batteries had previously cost $79 for those who didn't purchase the Apple Care maintenance plan.

The replacement plan begins in late January for anyone with an iPhone 6 or later that requires a new battery.

Apple said it will also issue an iOS software update early next year to give users a better understanding of the health of their battery, so they can see if its condition is affecting performance.

Apple is currently facing lawsuits around the globe, potentially also in South Korea, for slowing down older iPhones. At least five groups seeking class action status, involving consumers in Texas, Illinois, California and New York, have also sued the company in the wake of the slowdown revelation.