Sony is reportedly planning to produce only a limited number of PS5 consoles for its launch later this year.

The highly-anticipated console has advanced hardware including eight CPUs, a new 'DualSense' controller and backwards compatibility with almost all PS4 games.

According to Bloomberg, Sony is "limiting its initial production run" as it expects the launch price - somewhere between $499 (£400) and $549 (£440) - to be off-putting to most consumers, leading to smaller demand in the first wave of sales.

To coincide with the launch of the PS5, Sony is thought to be planning to reduce the price of the PS4 and PS4 Pro consoles in order to encourage take-up of Playstation Plus as a bridge towards an upgrade to PS5.

The ongoing coronavirus pandemic is said to have made no difference to production of the new console, although it has affected Sony's plans to promote the product.

Microsoft is also gearing up to launch its own new console, the Xbox Series X, later this year.