There may be some truth in the recent rumours about Apple's next iPhone launching this summer. According to the Wall Street Journal, the company plans on beginning production of the device this financial quarter. Going by the rumours, the new device is simply going to be a refreshed version of the iPhone 5 and will have a similar size and shape.

The report by WSJ also states that Apple is continuing to work on a less expensive iPhone with manufacturers in Asia. The general consensus about this seems to be that the cheaper iPhone will hit shelves sometime in the second half of the year.

Designed to fit properly into your hand

Productions are going to start this quarter

Back in March, Analyst from Piper Jaffray, Gene Munster, forecasted a late June launch for the iPhone 5S. Munster expects the iPhone 5S to pack a faster processor, an improved camera and new software features.

He stated that there is an “outside chance” that the smartphone will include an NFC (near-field communications) chip to allow mobile payments. Munster went on to add that it is more likely that the fingerprint reader security will be included in the iPhone 6, instead of the iPhone 5S. However, earlier this month, analyst Ming-Chi Kuo of KGI Securities mentioned that the iPhone 5S will feature a fingerprint reader.

Munster added that the Cupertino company will go on to sell 4 million units of the phone before the end of the month and the quarter, presuming it launches in late June. Munster further expects Apple to sell 30 million iPhones over the June quarter. If that happens, the company would witness a 15 percent increase in sales over the same quarter a year ago.

It's being rumoured that Foxconn is currently busy producing parts for the Apple iPhone 5S, which is said to have many similarities in design with the iPhone 5. It was rumoured that not many changes would be needed from existing iPhone 5 blueprints for the production of this device and both models could be run on the same assembly line.

Apple seems to have struck a design formula for the S refreshes of the iPhone. When going from the iPhone 4 to 4S, the company retained the design of the predecessor and the same seems to be the case for the iPhone 5S. It is a logical step, considering Apple wouldn’t have increased the screen size so soon after its first foray into 4-inch devices. Making big changes to the size and design of the phone would have also made the iPhone 5 slightly dated.

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