Production of Apple's next-gen iPhone is expected to start in September, and the company is also said to be working on a cheaper iPhone as well. More info at Neowin.
"Conversations with yet another key component supplier indicates that production for iPhone-5 will begin in September," says the article. There is also talk of a low-cost, lower specification version of the iPhone being made, "In addition, our conversations also indicate the existence of a lower-spec/lower-priced iPhone in Apple's roadmap." The company also claims they managed to uncover "several data-points in recent months pointing to the existence of a lower-spec/lower-price iPhone" to back up the claim.