According to Bloomberg leaker Mark Gurman's latest newsletter (via macrumors) Apple was planning to release an inexpensive iPad that had a plastic back and came with a plastic keyboard, all for less than $500.
Plastic iPad project to compete with Chromebooks
A project abandoned along the way and which would have had the ambition to compete with the low-cost Chromebooks that can be found in schools in the United States. For comparison, the currently cheapest iPad -9th generation- is sold from €439, and the Smart Keyboard is available separately at an indicative price of €199.