Nokia Lumia 510, the $199 budget smartphone powered by Windows

The Nokia Lumia 510 is the latest phone to be unveiled by the ailing Finnish mobile giant. This device is specifically aimed at a lower-end consumer price point, placing it slightly above its current Asha range of budget handsets.

Full details on the device have not been disclosed, but Engadget report the smartphone as sporting a 4-inch display and 5MP camera (rear only).

Other specs include a 800Mhz Qualcomm processor as well as 4GB of “non-expandable” storage, added to an expected US$199 price tag, the Lumia 510 is an entry-level device that will target emerging markets.

In terms of OS, the Lumia 510 will run Windows WP Mango. Mango has had its fair share of criticism as Nokia disabled the ability to upgrade to its Apollo OS, a fact that left many Nokia users more than frustrated.

There is however some good news for all potential Lumia 510 users as Nokia has announced an upgrade to Windows Phone 7.8 which will be made available. Dates for the upgrade are still to be confirmed.