The low cost iPhone 5S maybe be released soon but a new report suggests that the device is not even in production yet.

Despite the numerous rumours roaming around about the budget iPhone 5S, the device is not even in the assembly line of the factories of Apple.

There are speculations that if Apple will commence its production of the device, it will probably be released in August.

In the past months, rumors have alleged that the iPhone 5S will be available in five to six colors and now we have the first components to confirm that. However, a new leaked image emerged online showing a blue version of the SIM tray, the Lock button and other components of an iPhone that is assumed to be the iPhone 5S.

Moreover, there is an ongoing rumour that claimed that the low cost iPhone, dubbed as iPhone 5S, without a contract will be sold for $399.

An analyst said that if the rumours about the low cost iPhone are true that it will be released with a friendly tag price, the smartphone will significantly help in boosting the profit margin of the company.

It is initially reported that the new iPhones will be launched in June along with the upgraded iOS. However, other reports stated that the devices will make its debut in September.

The Apple chief Tim Cook also dropped several hints that the upcoming iPhone 6 and 5S will be released later this year. Cook said that no new products are to launch before the end of the year.

However, In the D11 interview of Apple's chief Tim Cook subtly suggested that the company will not release a low cost iPhone or a phablet this year. Tim Cook stressed that Apple invests time and effort in making each phone that serves various markets rather than making a myriad of phones aim to serve specific users.

The cheaper iPhone 5S is rumoured to sport a plastic casing, 4-inch screen display, dual core processor and 8-megapixel camera. The smartphone is speculated to be available in five to six different colors.