Apple has already started the production of the iPad Mini, indicates a report by the Wall Street Journal (WSJ). Apple has not confirmed a launch date for the tablet but rumors indicate that the iPad Mini will be unveiled at a press event on Oct. 17.

"Asian suppliers for Apple Inc. have started mass production of a new tablet computer smaller than the current iPad, executives at component makers said, as the Silicon Valley company tries to stay competitive against tablets from rivals such as Google Inc. and Amazon.com Inc," reported the Wall Street Journal.

The iPad Mini rumor mill has been on overdrive with speculations and leaks surrounding the tablet's specifications, design, and features. Previous rumors indicate that iPad Mini will feature a A5 processor and have 512MB of RAM. The device is expected to sport a 7.85-inch display with 2048 x 1536 pixels resolution and a density of 326 pixels per inch (ppi). The latest Apple offering is expected to be thinner. Moreover, just like the iPhone 5's smaller dock port, the iPad Mini will also feature an 8-pin Lightning connector.

Some rumors have suggested that the next iPad will feature a camera and will have 8GB of on-board storage. Unlike the current iPad, the next-generation iPad Mini will not have Retina Display graphics. The iPad Mini is speculated to be priced competitively between $200 and $250.

Recently, leaked images on website UkranianPhone show that the iPad Mini will have a nano-SIM tray, and the site asserted that the tray's position on the device has changed when compared to the current line-up of iPads. The leaked images also show a white-colored iPad Mini's front panel that has the rumored thinner side bezels.

Popular tablets like Nexus 7, Nook HD, and Amazon Kindle rule the 7-inch tablet market. If Apple launches the next-generation iPad, packed with rumored specifications and budget-friendly price tag that starts at $200, then the company will be a potential threat to all current 7-inch tablets.