Rumours claimed that Taiwanese manufacturer HTC is already working on a low cost HTC One set to be launched in June.

HTC is allegedly hard at work on a successor model to the HTC One, with a device dubbed the HTC M4 which will apparently be a revised model made from metal alloy.

This is supported by a report from Digitimes which cited anonymous sources 'from the upstream supply chain', that HTC has contracted a new supplier for its metal alloy chassis used in the new model.

The source claims HTC was understandably a bit annoyed with the supplier for the exterior shell components of the HTC One, because a failure to meet demand meant HTC experienced supply bottlenecks and lost out on sales as a result.

The new supplier is a company called Catcher Technology. Shipments are expected in June and a predicted 700,000 units is the target for the second quarter, while wider availability is pegged for the third quarter.

"To prevent component shortage issues from happening again, HTC has decided to give its chassis orders solely to Catcher," said the report.

Meanwhile, HTC One is already rolling out in many countries. HTC has released a new 32GB unlocked version of the HTC One, which is priced at $574.99 on HTC's online store in the US. The difference between this and the developer edition is that the developer edition has 64GB of internal memory and an unlocked bootloader.

The HTC One is powered by Google's Android, but the company has distinguished it from rivals by using new software to replace icons on the home screen with a personalised stream of news articles, social networking updates, photos and video.

The new smartphone from HTC wowed critics and reviewers at the launch events in New York. The new handset offers a 1.7 GHz quad-core processor; Near Field Communication; LTE mobile broadband; stereo speakers; a big, 4.7 inch screen with a 468 pixel-per-inch resolution; and a 4 "ultrapixels" camera.

HTC is one of the most sought after tech company after releasing powerful and high quality devices over the years. HTC released successful smartphones in the past such as HTC One and HTC Desire series.

If rumours proved to be true, the cheaper HTC One will be battling with other rumoured low cost smartphones such as Samsung Galaxy S4 Mini and iPhone 5S, which are also pegged for release in the coming months.