It is speculated that Apple will launch a smaller and cheaper iPad, unofficially dubbed iPad mini, later this year to compete with cheaper 7-inch Android-based tablets such as Kindle Fire and Google Nexus 7.
Some reports have claimed that it could be unveiled alongside the 6th generation iPhone at a special event on September 12th, but earlier in the week iLounge refuted that claim saying that the smaller iPad will not be ready to ship at the same time as the new iPhone. According to their source, it could ship by November.

Semenza said this is DisplaySearch's "understanding of the activity for the 7.85 [inch] panel expected to be used in the iPad Mini."
If this production schedule plays out, it could indicate a late 2012 launch, he said.
Recent reports say the so-called iPad Mini will launch in September.
While the downsized iPad is being characterized as a 7-inch tablet like the Google Nexus 7, a screen size falling between 7 and 8 inches -- such as 7.85 inches -- would likely make the Apple tablet closer to the larger 8.2-inch Motorola Xyboard.
No solid word yet on pricing, though a report claimed it "is likely to sell for significantly less than the latest $499 iPad."
Whatever the exact price is, it's safe to say that the $199 Google Nexus 7 would be seen as a direct competitor to a smaller iPad.
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