Apple slashes iPhone battery replacement cost by $50 amid criticism
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WATCH: The company is facing a surge of customer backlash and multiple class action lawsuits.

Apple is taking action after coming under scrutiny for slowing down older iPhones as their batteries age.

The company was hit with a lawsuit earlier this month alleging that it deliberately "slows down iPhone processors" in older models of the iPhone without the consent of the phone owners. The legal move came after Apple revealed that its new software updates slow down older iPhone devices in order to allow the batteries in older models to keep up with new features.

In a statement today, the company emphasized that it would never "do anything to intentionally shorten the life of any Apple product." However, in order to address customers' concerns, Apple announced it would be reducing the price of out-of-warranty replacement batteries for certain phones by $50, from $79 to $29.

"We know that some of you feel Apple has let you down. We apologize," the company said in a statement released Thursday.

The reduced price is only for anyone with an iPhone 6 or later and will take effect starting in late January through December of next year.

"Our goal has always been to create products that our customers love, and making iPhones last as long as possible is an important part of that," the statement reads.

A customer purchases the new iPhone X at an Apple Store on Nov. 3, 2017, in Palo Alto, Calif.

Apple initially believed that slower performance was due to minor bugs and typical lags that come from upgrades, as some users had reported. But, in the new statement, the company said it now believes the change in performance is also due to "the continued chemical aging of the batteries in older iPhone 6 and iPhone 6s devices."

Consequently, the company will also issue an update in early 2018 that "give users more visibility into the health of their iPhone’s battery, so they can see for themselves if its condition is affecting performance."