HTC is reportedly working on a plastic version of its flagship One M8 smartphone in a bid to compete against Samsung in the emerging Chinese market.

HTC, one of the biggest smartphone makers, is tipped to be working on a plastic version of the latest flagship One M8. The Taiwanese tech company is expected to launch the rumored handset sometime next month in a bid to compete against global smartphone leader Samsung. The plastic version of the HTC One M8 will help the phone maker in reaching out to budget-conscious audience who cannot afford the pricey all-metal One M8.  

According to some unidentified sources familiar with the company's plans, the plastic HTC One M8 will feature identical specifications, but in a plastic casing, GforGames reports via Chinese business news portal TMT Post on Sunday. Based on that, HTC will include a 2.3GHz Snapdragon 801 Quad Core processor, 2GB RAM, 5-inch Full HD display, 16-megapixel rear camera with dual flash, gesture controls, dual front-facing speakers and a powerful 2,600mAh battery.

The price point for the plastic One M8 is a major attraction, a significant drop of almost $400 in some regions. According to the report, HTC will sell the unannounced One M8 for 3,000 YUAN (approximately $483), down from the current HTC One M8's 4G LTE variant in China that sells for 5,299 YUAN (roughly $853).

HTC's current model received favorable comments for its premium metal built, which is standard across One series, and high-end features. With a price range so low, the plastic variant of the One M8 will make an impact on Samsung's best-selling phones in China and other emerging markets. It is unclear if the smartphone maker will use the same name for the handset or use a new codename for its unique identification.

Since HTC is known for its premium aluminum packing, it remains to be seen whether the plastic version of the flagship One will help turn the company's losses. HTC posted worse than expected losses during the first quarter of this year, which tallied up to $62.06 million (T$1.88 billion).