OnePlus has confirmed the development of a new budget device, which will almost certainly be the OnePlus Z

OnePlus CEO Pete Lau revealed the news on the OnePlus forum, stating that the company is "bringing the premium, flagship experience we have come to expect from OnePlus to its new, more affordable smartphone product line"

"For over six years, that means we've always strived to provide the best experience for our flagship smartphone users," Lau continued in his post

"But as we grow with our community, we know that there are a lot of people out there who want a really solid smartphone that meets their everyday needs at a more affordable price"

The new phone will be available in Europe and India, but Lau teased that it may soon make its way to North America Lau also suggested readers follow the blank Instagram page, currently titled "OnePlusLiteZThing"

The announcement came as Lau teased the new phone on Twitter, using the hashtag #NewBeginnings and asking, "Ready to get something new from @oneplus?

Lau is supposedly referring to the OnePlus Z (or OnePlus Nord), a new budget OnePlus phone that has been the subject of leaks and rumors for months; the OnePlus Z is rumored to cost between $499 and $649 and will launch next month in July July

It is expected to have a similar design to the OnePlus 8 series, but the AMOLED screen may be replaced with an LCD to keep the price downOnePlus's budget smartphone will feature a 5G-enabled Snapdragon 765G processor, 12GB of RAM, 48 MP main sensor, a 16MP ultra-wide-angle shooter, and a camera array that may include a 2MP macro lens More recent leaks have even suggested that the OnePlus Z could have a four-camera array, but we are not entirely convinced

Given its specs and price, the OnePlus Z could be a formidable (if slightly expensive) competitor to the likes of the Google Pixel 4a and iPhone SE More details about the OnePlus Z, including its official name, will be revealed in the coming weeks OnePlus Z will be revealed in the coming weeks, including its official name