A Wall Street Journal report has indicated that industry speculation was correct and that production has begun on the Apple iPad 2.

The report was more specific on what features the new iPad would have, and what it would not include that had been hoped for among users. The new version will boast a front facing camera so that it allows Facetime video chat but against the hope of many it will not have a better screen resolution than the previous version. It will again be available through AT&T and Verizon networks on 3G.

It is reported that Foxconn, the makers of the iPad and iPhone, have been told to have it ready by the end of February. Industry speculation is that the new model will have a release that coincides with the one year anniversary of the original on April 3.

The original iPad has been available for three quarters and has sold $5 million.