According to China’s Commercial Times, says Apple Insider, the production of iPhone 5 will begin in May and manufacturing of iPad 2 will start in February.

This report also tells us that both Foxconn and Pegatron will play a key role in the manufacuring process of both products.
There is one more strange thing stated in that report, which says Apple Chief Executvie Steve Job is not going to attend the Macworld Conference on Jan. 26 because of bad health.
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