(Pocket-lint) - OnePlus is preparing to launch a new budget device - which has been called both the OnePlus 8 Lite and the OnePlus Z - and new information suggests it might be coming on 10 July.

The information comes from a company insider familiar with OnePlus' plans, according to Android Central who was privy to this new information. There's no independent verification of this as the company has so far not said anything about its future plans. 

However, the company co-founder, Pete Lau, has been on the record saying that OnePlus will be returning to the affordable segment, in a recent interview. That's a reflection on how OnePlus has changed over the last few years, moving from a company that offered high-end hardware at low prices, to one that mixes with the bigger smartphone brands.

That's left something of a gulf which is currently filled by brands like Xiaomi's Redmi sub-brand, as the mid-range gets more competitive both in terms of the hardware it offers, but also the price that you can get it at. 

OnePlus, it seems, wants to use its brand value to leverage this low price bracket and expand its market share - and it's targeting India as the launch market.

OnePlus is India's biggest brand, so it makes sense that it will offer the OnePlus Z to the substantial Indian market, but will likely then move to offer the device in other regions. Currently there's no indicator of where this phone will be available. 

Previous leaks have suggested a 6.4-inch 90Hz AMOLED display, Snapdragon 765G 5G hardware and a triple camera on the rear of the phone.

While the current global climate has seen some companies shifting launch dates around, this isn't the first time that we've heard about a July launch for the OnePlus Z, so hopefully there will be some good news coming soon.

Writing by Chris Hall.