OnePlus, the small tech company taking on Apple and Samsung, is about to launch a super-cheap 5G smartphone — here's everything we know about it so far

The OnePlus 8Crystal Cox/Business Insider

• OnePlus is gearing up to release its next smartphone, the OnePlus Nord, which will cost less than $500.
• The phone is expected to feature a flat, simple design, a multi-camera setup, and 5G connectivity.
• The Nord will be noticeably cheaper than the recently launched OnePlus 8 and OnePlus 8 Pro, which cost $700 and $900, respectively.
• The launch would come as smartphone makers like Samsung and Apple are launching more competitively priced phones like the iPhone SE and series of Galaxy A devices.

OnePlus launched the $700 OnePlus 8 and $900 OnePlus 8 Pro earlier this year, but the company is already planning its next major smartphone launch: The OnePlus Nord.

Unlike the OnePlus 8 and OnePlus 8 Pro, the Nord is expected to represent a return to the company's roots of launching affordable smartphones that undercut the prices of devices launched by Samsung and Apple. The company has somewhat strayed from that vision by launching phones with higher prices at a time when the industry is gravitating toward less expensive phones.

If the leaks turn out to be true, we can expect the sub-$500 OnePlus Nord to challenge premium devices like the iPhone 11 Pro and Samsung Galaxy S20 with a triple-lens camera and 5G support.

Here's everything we know about the OnePlus Nord, which is expected to debut this month.