New low

Both an iPad mini with Retina display and an even more affordable iPad mini are said to be in the works at Apple, though the products are not expected to debut until next year.

Analyst Ming-Chi Kuo of KGI Securities doesn't expect Apple to launch any new iPad mini models this year, he said in a research note supplied this week. Instead, he views March or April of next year as the most likely launch window for two new iPad mini models.

If Apple were to debut a low-cost iPad mini this year, it wouldn't be able to hit the market until December at the earliest, according to Kuo. That's because of the current production status of the rumored device, he revealed.

Kuo also doesn't expect the low-cost iPad mini to be considerably cheaper than the current model, which starts at $329.

With a launch no sooner than December and a price not much cheaper than the current options, Kuo believes its likely that Apple will just hold off on releasing a low-cost iPad mini until next year. That way, the company could debut it alongside a new high-end iPad mini with a high-resolution Retina display.

But a Retina display iPad mini isn't in the cards for this year, he said, due to technical issues. Specifically, a 7.9-inch Retina display reportedly consumes too much power, which has required Apple to redesign all components in an effort to improve power efficiency.

Kuo first revealed apparent development issues with a second-generation iPad mini in April.

The well-connected insider has a strong track record in accurately predicting Apple's future product plans, as he was the first to reveal the discontinuation of the 17-inch MacBook Pro, and the continued availability of the legacy MacBook Pro with optical drive. He also accurately predicted Apple's entire fall 2012 product lineup last August.