Xiaomi has been rumored to release a budget smartphone, but we haven't seen any details about it. Well, not until now. The phone will be powered by Leadcore LC1860 chipset, the firm that Xiaomi invested in recently, and will be sold for only 399 CNY, around $65.

The chipset uses a 28 nm Cortex A7 architecture. It is clocked at 2.0 GHz and comes with Mali T628 GPU. There is support for almost all major things such as 2k LTE displays, 1080p video capture at 60 frames per second, built-in 4G LTE, 3G and GSM support.

The phone also includes 1 GB of RAM and a 720p display. While these specs seem impossible to reach for $65, we'll have to wait to see if Xiaomi really can achieve all of that.