With the release of the successful low-cost Moto G second generation smartphone last year in September, Motorola Mobility is reportedly planning to launch a new successor already, the Moto G third generation, by the second quarter of this year, according to rumors.

New reports claim the new Moto G third generation smartphone is expected to come out very soon, this coming July, which is earlier than previously expected.

Its predecessor, the Moto G second generation was one of last year's best budget smartphones, according to several reviews. The handset was commended for its software performance and battery life.

Other reports also say the new Moto G handset had appeared temporarily on the Indian e-commerce website, Flipkart.com, showing the new device available in white and comes with an 8 GB internal memory space.

In addition, Chief Executive Officer Yang Yuanqing of Lenovo recently announced new models currently in the works, including Motorola's plan to launch new products by this summer.

The new Moto G is expected to run on the Android 5.1 Lollipop operating system, powered by Qualcomm's 64 bit Snapdragon 610. The handset will come with a 5 inch or 5.2 IPS LCD display screen with a 1080 x 1920 resolution, protected by Corning's Gorilla Glass 3.

The new Moto G third generation smartphone is expected to come with 2 GB worth of RAM and an expandable 8 or 16 GB internal memory storage. Users can expand the memory up to 128 GB. For the camera, a report by Day Herald suggests the new phone will come with an impressive 16 mega pixel rear camera.

In addition to the new Moto G, Motorola is also expected to launch another smartphone, the Moto X 2015, sometime within this year as well. The new Moto X smartphone is expected to come out around August or September.