Apple’s new iPhone 5 is expected to go into production in September, according to a note from analysts at Avian Securities.

Since it takes a while to get production into full swing, that means that Apple may not debut the iPhone 5 until the end of the year or possibly early next year, Avian said. That could leave a significant gap that rivals making Android phones could take advantage of in the all-important smartphone market. The iPhone 4 (pictured) debuted in the summer of 2010.

The information isn’t ironclad, but it is purported to come from a “key supplier” to Apple. Apple may also be developing a lower-priced version of the iPhone with fewer features, the note said.

The report is consistent with other research on the supply chain by Avian. The note says there isn’t any information on the specifications or the timing beyond what has already been mentioned.

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