Apple is considering two second-generation iPad Minis for release, one with retina display and a low-cost version of the current model, Apple Insider reported.

These two new iPad Mini devices are reportedly not due out this year and may hit store shelves in March or April. KGI Securities analyst Ming-Chi Kuo told AI the earliest these two new models could be released in December, but that is not likely. 

Technical issues still need to be ironed out for the retina display iPad Mini and will likely keep it in production throughout 2013. The 7.9-inch retina display currently takes up too much power and the developers will need to redesign all of the devices components to improve power efficiency.

The low-cost iPad Mini, which has a better chance of a December release than its high-end counterpart, also may not be significantly cheaper than the current model. Kuo also said he expected Apple to hold off on releasing the more affordable one so it can be debuted alongside the high-end retina display model.

Kuo originally reported a delay in production on a new iPad Mini and on the next iPhone in April. The main challenge facing the iPhone 5S, he said, was the fingerprint sensor.

"Apple has to work out how to prevent interference from the black and white coating material under the cover glass," he said. "Apple is the first to attempt this function and technology, and time is needed to find the right coating material, which will likely affect iPhone 5S shipments."

He also said a low-cost iPhone was in production as well and the device would have a slimmer casing made of plastic instead of metal.

"The slimmer casing may make it more difficult to ramp up production yields of coating and surface treatment, and could slow down the shipment timetable," he said.

It is because of these production tasks that Kuo believes shipment and release of Apple's upcoming devices will be delayed.

According to AI, Kuo has a reputation for forecasting Apple's movements. He was the first to reveal the discontinuation of the 17-inch MacBook Pro and he also accurately predicted Apple's 2012 line of products.