Those waiting to get a low-cost iPad may want to read this tidbit. According to the latest buzz, Apple is planning to produce smaller iPads for sale sometime in the third quarter. 

Considering there is no official word to back up this story, it is rumored that the new mini iPad will have a 7.86-inch screen, which is smaller than standard iPads. The current iPad has a 9.7-inch screen. In addition, the mini iPad is expected to weigh around 200 grams lighter than the standard iPad. 

The report further claims that the new economic device by Apple will cost somewhere from US$249 to $299 and there will be an initial 6 million units ready for launch.

For manufacturing the devices, the fruit themed brand Apple is placing factories in the region, notably Honhai Precision (Foxconn) and Pegatron, sources informed.

It is reportedly said that Apple is expecting the same result from mini iPads as from the first generation iPads. An interesting fact is, Apple had sold three million units in just about 80 days from its launch.

However, nothing can be said for now as Apple has not said anything officially. So, stay tuned to get more information on it.