Usually, when OnePlus releases a new Android phone, it is all about offering flagship-level performance at a lower price than its competitors. However, the OnePlus Nord, which will be available for under $500, is different.

The company's new mid-range phone doesn't have the overwhelming horsepower of the OnePlus 8 or OnePlus 8 Pro, but it is designed for the masses, not spec-heads. In a new interview with Android Authority, OnePlus co-founder Carl Pei says the Nord is a "good enough product" that should live up to the company's user experience standards.

One of the key elements that makes the OnePlus Nord a reality and a better product than the mid-range OnePlus X of 2015 is Qualcomm's new Snapdragon 765G chip.

This processor is designed to deliver solid performance when performing everyday tasks and supports 5G connectivity. This is a key difference between the OnePlus Nord and the Snapdragon 730 chip reportedly in the upcoming Google Pixel 4a. Also, the $399 iPhone SE 2020 does not have 5G.

According to Qualcomm's page on the Snapdragon 765G, it "integrates 5G and AI to deliver a select premium-grade experience for gamers around the world." This includes an Adreno 620 GPU, which promises 10% faster graphics rendering compared to the Snapdragon 765. In fact, gaming is quite the topic of conversation, which is perfect for the younger demographic that OnePlus is targeting with this phone.

Pei told Android Authority, "We really believe that having this 765G process here is the right thing for a product in this price range. We can now offer the experience we wanted to offer."

And while OnePlus is aware of concerns about adopting a mid-range chipset, Pei said that the data coming in following several product teasers for the OnePlus Nord looks encouraging so far.

One way OnePlus can make the Nord feel faster and more responsive than other affordable Android phones is with its own OxygenOS, which rides on top of Google's Android 10. In general, OxygenOS has proven to be one of the best selling points of OnePlus devices.

For example, the OnePlus 8 features an improved universal dark mode, intuitive gestures, many customization options, and live wallpapers; one can expect a similar OxygenOS experience on the OnePlus Nord.

OnePlus plans to reveal more information about the OnePlus Nord on July 7. While the U.S. launch is limited, the device appears to have the potential to be one of the most attractive sub-$500 phones of the year.