Apple is not expected to launch a successor to the iPhone 5c this year, but will instead introduce its next-generation budget smartphones in second-quarter 2016 with the devices coming with 14/16nm FinFET chips, according to sources from the semiconductor industry.

The 14/16nm FinFET chips will be manufactured by Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung, the sources said. The original plan was to equip the devices with chips built using TSMC's 20nm SoC process, said the sources, but the adoption of FinFET processors would enable specs upgrade and lower power consumption.

In addition, TSMC and Samsung have started volume production of chips for use in Apple's upcoming iPhone 6s and 6s Plus expected to be announced in September, the sources noted echoing earlier reports.