With big upgrades and new features under the hood, the next-generation OnePlus 2 will cost more than its predecessor — but it will still be significantly cheaper than rival flagships off-contract. OnePlus CEO Pete Lau today promised that the device “will be priced under $450.”

That almost certainly means we’re looking at $449, which is a terrific price for a device with Qualcomm’s latest Snapdragon 810 processor, USB-C connectivity, and a fingerprint scanner that promises to be faster than Apple’s Touch ID.

According to the rumors, other specifications could include a Quad HD display, 3GB-4GB of RAM, and a much-improved 16-megapixel rear-facing camera.

OnePlus will unveil the OnePlus 2 on July 27, and it will be the first gadget unveiling in virtual reality. Fans will be able to watch the event as if they were there with the help of OnePlus’ free VR headset, or a third-party alternative.

• SourceOnePlus