Motorola plans to break down the low-cost barrier for entry-level smartphones with a $50 handset, considering the $179 Moto G smartphone is still a "lot of money" for most of the world.

Motorola, a Google-owned company, is determined to make a place in the competitive smartphone industry by combining low price and great specs in a smartphone. The company's Moto G smartphone was successful in grabbing a lot of attention for its $179 price tag along with great specs for a phone in that price range. Now, Motorola is planning to bring the price of its next smartphone further down noting that the Moto G smartphone is still not easily affordable for most people in emerging markets.

In an interview with Trusted Reviews, Motorola CEO Dennis Woodside confirmed the plans for a cheaper mobile phone. "In much of the world $179 is a lot of money so there's a big market at a price point of less than $179," he said.

"We're going to look at that and just delivering on that value promise is super important. I mean why can't these devices be $50? There's no reason that can't happen so we're going to push that."

Woodside did not reveal any further details about the upcoming cheap handset, but considering Motorola's work with Moto G, the new smartphone will not disappoint consumers. Moto G smartphone, which sells for $179 without a contract in the U.S., features a 4.5-inch 720p display with high definition resolution of 1280 x 720 and 329 ppi. The handset is powered by 1.2GHz Qualcomm Snapdragon 400 processor, same as HTC One Mini and Samsung Galaxy S4 Mini. Woodside also revealed that cheaper handsets have a great demand all over the world so Moto G debuted in several countries whereas Moto X was limited to the U.S.

The phone company is not just focusing on the low-end smartphone market, but is also set to  revolutionize the high-end market.

"On the more premium side we're pushing more customization," Woodside told Trusted Reviews. "Today you have colors and beginning of materials but you don't have screen size and you don't have functionality and we're going to bring all that in the next year or so."