A third smartphone from OnePlus is set to be unveiled later this year. Details about the handset are kept under wraps, but latest reports suggest that the upcoming device is not a direct successor of the company's previous smartphone models.

According to Techno Buffalo, OnePlus' new handset will not be called the OnePlus 3 or the OnePlus 2S. But there's still a possibility that the company would release a smaller Mini variant or a super-sized Plus.

In an interview with USA Today, Pei confirmed the new OnePlus smartphone's release before 2015 ends, hopefully in Christmas.

"It may or may not be (higher spec'd than the OnePlus 2). When I saw the prototype for that phone I was like 'holy s--- that's going to be my daily driver' but then when the OnePlus 2 production version came out it's also super nice, so it's really hard to decide now what to use," Pei told USA Today.

Tech Radar wrote that the OnePlus 2 has great features, but there are some aspects that could be improved. The news outlet's wishlist for the company's upcoming smartphone are as follows: fast charging, a QHD screen, a faster fingerprint scanner, NFC inclusion, cool running process without overheating, a microSD card slot, wireless charging, and faster performance with no lags.

The OnePlus 2 is priced at $329. Tech Radar noted that OnePlus could offer their upcoming device in a lower price than their latest smartphone currently out in the market.

OnePlus Planning to Produce More Products

Pei's interview with USA Today revealed that OnePlus is planning to branch out their products beyond mobile phones. But a OnePlus TV or a OnePlus smart scale are out of the question.

"We can make our software, OxygenOS, compatible with everyone's stuff," Pei told the news outlet. "We almost made fitness trackers but we scrapped it because that is exactly against our open culture. We want to work with other people. By making our own we are already competing with our potential partners before even approaching them and giving them a chance."

The 25-year-old exec continued, "We believe that different brands should focus on different things and only by focusing can you make the best products in your category."

The OnePlus 2 comes with a 5.5-inch screen display at 1080 x 1920 pixels. It is equipped with Android Lollipop 5.1, Qualcomm Snapdragon 810, and a 13MP primary and a 5MP secondary shooter, GSM Arena listed. Its 16GB variant has 3GB of RAM, while the 64GB comes with 4GB of RAM.

Remember that these are all rumors for now and OnePlus is yet to issue an official announcement about their new smartphone.