The new iPhone release date is one of the last pieces of the rumor puzzle that we have yet to put together. There’s been no clear indication when the new wonder device from Apple will launch, but a recent rumor indicates that it may be out before the end of summer.

AppleInsider reports that the iPhone 5S release date is set for sometime in August. It’s claimed that the cheaper iPhone will be out in August as well. It would be a first to have two iPhones released in the same year, let alone the same month.

The iPhone 5S is reportedly being marketed as a world phone. In short, the device will work on any network in any market without any significant internal modifications. If Apple could get enough supply built in time, we could see a same day global launch. That would be a big deal for Apple as past iPhone releases were tiered over several months as it built iPhones specifically for each market’s wireless networks.

Speaking of China, the rumored cheaper iPhone will reportedly be built to work on China Mobile’s LTE. That furthers the rumors that this cheaper iPhone is being built specifically for the Chinese market. It’s not known if Apple will release its cheaper iPhone in other emerging markets, like South America and India.

So, now we have a release date, but what about the price? The cheaper iPhone was originally reported to cost as little as $99, but the new rumor pegs its unsubsidized price at $330. The low price is the result of Apple building the device out of polycarbonate. The company may also be using last generation components to keep prices low.