Cheaper iPhone "nano" rumored to launch this year

Apple

(CBS News) Rumors of a low-cost iPhone "nano" are making rounds.

A new report by the China Times claims that Apple is planning to release low-cost iPhone "nano" this year. According to the Times, the move aims to make gains on the low-end smartphone market.

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If the rumors are true, the iPhone "nano" could be released with the next iPhone. While there is no solid release date for Apple's next smartphone, all reports hint at a June launch.

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All of the buzz could amount to wishful thinking, however. There was also talk of a cheaper iPhone model leading up to the launch of the iPhone 4S. No such iteration was announced. The entry point for an iPhone is $375 for an unlocked iPhone 3GS.

Apple iPad mini rumors resurface

This isn't the only rumor about a low-cost Apple product. Rumors of a 7.85-inch iPad mini have been circulating. In March, DigiTimes reported that "makers" in Apple's supply chain started "delivering samples of 7.85-inch iPads for verification."

The most recent report by the Chinese blog NetEase claims Apple has placed an order for an iPad mini. According to the report, 6 million units have been ordered for release in the third quarter. The rumored smaller tablet is estimated to retail anywhere from $249 to $299.

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