The next generation of iPad Mini is said to have a lower price to beat Android-based tablets, according to a recent investor's note from Citi Research.

According to the note, Apple will slash off around $100 on the current iPad Mini model. While a price drop from $329 to around $250 would certainly better enable Cupertino to compete with more cheaply priced Android tablets.

However, it seems rather unfathomable that Apple would institute such a dramatic price cut for the iPad mini 2, particularly given the fact that it is widely expected to feature a Retina Display, which would greatly increase manufacturing costs.

The price cut seems more plausible on the original iPad mini, or perhaps a slightly updated version. The iPad mini 2 on the other hand would still release at the original price point of its predecessor, around $329.

IBTimes AU previously reported that tech giant Apple is offering 15 to 17 percent discounts on the fourth-gen iPad and iPad Mini. However, the discounts are only offered on the refurbished iPad 4 and iPad Mini and have been done in an attempt to push sales of the refurbished Apple products.

With the new price reduction in place, consumers can now pick up the 16GB and 32GB variants of the Wi-Fi iPad mini for $249 and $359, respectively, which is a discount of 15 and 16 percent. If the 64GB version of the Wi-Fi iPad mini has taken your fancy, then be prepared to shell out $346, which is a 17 percent discount.

On the other hand, you can avail a discount of 16 percent on the 16GB and 32GB variants of the iPad 4, which now cost $419 and $499, respectively. If you are looking for more storage, then the 64GB version would be more up your alley and will cost $579 amounting to 17 percent discount.

Apple also offers a year-long warranty and a new battery on the refurbished iPads to attract consumers in buying the refurbished units.

It is speculated that Apple will introduce the next generation of iPads in September. This is supported by Apple's CEO Tim Cook statement that no devices will be released until later this year.

"Our teams are hard at work on some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014," Cook said.

According to rumours, iPad Mini 2 is speculated to feature a screen with a resolution of 2048 x 1536. This is almost four times the resolution of the present iPad Mini and is equal to the fourth generation iPad which was released along with the iPad Mini last year. AU Optronics has been rumoured to be making displays for the iPad Mini 2.

Other specs include a more powerful dual core A7 processor and a 7.9 inch screen. It will also feature a 10-hour battery life, a FaceTime HD camera, and an iSight camera with 1080 pixels HD video recording. Apple is also trying to reduce the thickness of the iPad Mini 2 by using the Sharp's IGZO (indium gallium zinc oxide) technology in its screens.