Apple is reportedly readying an upgraded iPhone SE. The alleged iPhone SE 2, according to Focustaiwan, citing sources speaking to CNA, will be released in early 2018.

Going against the previous reports that the smaller and cheaper iPhone SE won't see a successor, the latest report claims that an upgraded version is on its way. And, it will come with an improved processor.

According to the report, Wistron is looking at expanding its production base in India. The move is to build the iPhone SE 2 in India.

It is known that Wistron begun production of the iPhone SE in India at its facility in Peenya, Bengaluru earlier this year. The report now adds that the company is looking at expanding and is in talks with the Karnataka government for a piece of land.

The made in India iPhone may also enjoy 10 percent exemption in basic customs duty, which would help position it well in the fiercely competitive Indian market.

Another report by Tekz24 had reported that iPhone SE 2 will be 'relatively based' on the iPhone 7. In terms of specs, it said one can expect a 4-4.2 inches display, A10 quad-core processor and 2GB RAM. It will run iOS 11 and have 32/128GB internal storage options. It may come equipped with the same iPhone 7 12MP rear camera, and a 5MP front camera. A 1700mAh battery is also expected.

The iPhone SE was yet another attempt at launching a cheaper iPhone in India after the iPhone 5C. If you remember the iPhone SE was launched in the Indian market at Rs 39,000, definitely not for those looking at a cheap phone. On the other hand, those who could buy the device at Rs 40,000 could pay a couple of thousands more to buy another superior device.

Today, the iPhone SE sells at Rs 24000 after multiple price cuts. However, there are several devices from Chinese vendors that offer much more at that price point. So, after exemptions, it is to be seen at what price point Apple plans to place it. 

During the latest earnings call, CEO Tim Cook reiterated about similarities between India right now and where China was a few years ago. He also reaffirmed Apple's commitments towards investing in the Indian market.