Apple enthusiasts now have a reason to rejoice, as the company is all set to launch its next iPhone this summer. The earlier two models of the company were launched during the fall.

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At the same time, Apple is also working on a cheaper iPhone model, which can help the company win a market share in some developing countries. This development was reported by Wall Street Journal, which cited unnamed people who were familiar with the production of the device as the source of the information.

At present, the iPhone 5 costs round $600. The tech company is still maintaining older iPhones in terms of production, but these are not cheap enough to compete against other low-end smartphones which run on Google’s Android software. Apple generally does not disclose information about their future products before their release, as a result confirmation of a cheaper iPhone may take a while longer.

The executives of the company emphasize that their goal is to make the best products and not just cheap ones. The journal report also mentioned that Apple is all set to begin production of the new iPhone within the next three months. The production of the new phone also depends on sources from other Asian companies for parts and other services.