Apple May Debut New iPhone This Summer WSJ

Apple will start production on a new iPhone in the second quarter, preparing for a potential summer debut, reports The Wall Street Journal. The new model is similar to the current one, the report notes.

Apple also continues to work on a less expensive iPhone that could be rolled out in the second half of 2013, the story adds.

"The four-inch device likely will use a different casing from the higher-end iPhone. Apple has been working on different color shells for the phone but its plans remain unclear," The Journal notes.

The report adds: "The two devices reflect new pressures on Apple. The Cupertino, Calif., company has long commanded unique premiums for the iPhone, but consumer demand for cheaper products is spiking.”