Apple will start iPhone 5 production in September says Avian securities. This means that the iPhone 5 will not be available in the market at the end of this year or may be at early 2012. Beside iPhone 5, Apple may be developing the a low price spec based iPhone to take over the Android market.
At this time where lots of Android handsets are present in the mid range, Apple needs to release a low price iPhone to compete with them. It would be a hit in the markets such as India where you have to pay the full price of the phone to own it whereas in US, the contract from various carriers (AT&T or Verizon) make things easier. This will also help Apple to capture this particular sector of share where they heavily lacks.
[via businessinsider]