According to the China Times, the company has an iPhone “Nano” in the works in its supply chain.
The iPhone Nano is said to be a low-cost version of the next iPhone.
“Rumored Apple this year is expected to launch low-cost handsets, to seize the low-end smart phone market share,” the Google translation of the site reads.
The device targets smartphone users who want an Apple phone but are not willing to spend too much cash on it.
According to the report, the model will be released at the same time the iPhone 5 is launched in October.