A new report suggests that Apple’s rumored low-cost iPhone is nearing launch. According to a report from the China Times, several of Apple’s suppliers have begun shipping out parts for the low-cost smartphone. Taiwan Semiconductor Manufacturing is said to be supplying Apple with 28-nanometer processors, while Largan Precision is reportedly handling the device’s 8-megapixel camera. Suppliers such as Foxconn, Taiflex Scientific, Texas Instruments and Chipbond are also said to be shipping a “large number” of parts for the handset. The budget iPhone is expected to be equipped with the same 4-inch Retina display as the current-generation iPhone 5, and will reportedly be available in four to six new colors. The latest rumors claim that Apple will debut the iPhone 5S and the new low-cost iPhone this fall.