Motorola's latest Android-based handset moves to further democratize the smarpthone market with a $129 price tag. 

The 3G-capable Moto E comes running Android KitKat 4.4.2 and features a dual-core Snapdragon 200 CPU, 1GB of Ram, a 4.3-inch display and a 5-megapixel camera. The phone also features  interchangeable backs, which the company is calling "Motorola Shells." The shells add durability to the phone and come in 20 color and design combinations. 

On top of the Moto E, Motorola also launched an LTE-capable version of its Motorola G for $219. The original 3G version of the device will still be available at $179. 

Motorola promises the Moto E will be available in more than 40 countries through more than 80 carrier partners around the world over the next few weeks. 

The Moto E is the first handset to be released since Google in January announced that Lenovo had agreed to acquire Mototola's handset division for $2.91 billion, a fraction of the $12.4 billion Google paid for the business back in 2011. 

With the purchase of Motorola, Lenovo stands to be the third-largest smartphone producer by volume.