Nokia's Lumia family will soon add a new budget-friendly member, at least according to a new report that suggests the phone will launch in China by the holidays, and globally early next year, with a $150 price tag. Nokia isn't the only one trying to attract Chinese consumers; Research In Motion and Apple have also been vying to get their phones in as many hands as possible there in an effort to compete with local brands such as Huawei and ZTE.

The Lumia 510 will launch with 4GB of storage, a 4-inch display and will offer 256MB of RAM. The device appears to be running Windows Phone 7.x, since the homescreen doesn't have different sized icons, so we're guessing Windows Phone 8 won't ever be available for the Lumia 510.

[via GSMArena]