Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) has already started working on its next flagship Galaxy S6 with a “new vision.” Inside sources familiar with the matter told SamMobile that the device is currently in “early stages of development.” After the Galaxy S5 failed to meet consumer expectations, the Korean electronics giant is designing its next device from scratch. That’s why the Galaxy S6 development has been codenamed “Project Zer,” sources said.

Galaxy S6 Under Development, Codenamed 'Project Zero'

Samsung to revamp its smartphone lineup

Samsung recently reported a 73.9% decline in its third-quarter profits as it continues to lose market share to low-cost Asian Android vendors such as Xiaomi and Micromax. The company’s Q3 profits tumbled to $1.6 billion, its worst performance since Q2, 2011. The company has stated that it would revamp its smartphone lineup to compete better with rivals.

Galaxy S6 is part of Samsung’s broader overhaul plan. The codename Project Zero is a break from the company’s previous naming conventions where it used letters. For instance, the Note 4 started its life under Project T while the Galaxy S4 was codenamed Project J. Sources said abandoning the alphabetical codenames suggests that the Galaxy S6 will be built from scratch with an entirely new design.

Foxconn or Pegatron may make metal case for Galaxy S6

There is very little information available on the Galaxy S6 at this point. Samsung makes several prototypes of a new device in the testing process, so many of the rumored features may not appear in the final device. However, the Galaxy S6 is likely to follow the footsteps of the Galaxy Note 4 and Galaxy Alpha to sport a metal design. Chinese website Sina.com claimed in August that Samsung was in talks with Pegatron and Foxconn to make metal chassis for the Galaxy S6.

Reports suggest that the Galaxy S5 will sport 5.5-inch Super AMOLED display with 4K resolution. The phone is rumored to come with 4GB RAM, 64-bit Snapdragon 808 processor, Iris eye scanner, 20-megapixel camera, and the latest Adreno 430 GPU that delivers 30% faster performance. What’s more, Galaxy S6 will reportedly boast of a gigantic 3,300mAh battery. And yes, it will surely run the latest Android Lollipop OS.