It won’t be much longer before OnePlus finally releases a smartwatch, with the company recently confirming a device is planned for early next year. Turns out the company is also planning to launch an affordable fitness tracker slated for release in Q1 2021.

According to Android Central, citing insider sources, the OnePlus Band will be available in either January or February and launch before the rumored OnePlus 9. Apparently, the fitness band is being modeled after the Xiaomi Mi Band 5 — and to compete, the OnePlus Band will be priced at just around $40.

A photo of the Mi Band 5 from our review

The OnePlus Band will allegedly feature water resistance, an AMOLED display, and multi-day battery life. We don’t know what the wearable will look like, but since it’s apparently taking inspiration from the Mi Band 5, we can likely expect something similar. To be fair, most fitness wearables look pretty much the same.

The OnePlus Band is said to be part of a broader strategy from OnePlus to cater to a wider spectrum of consumers, according to Android Central. Think OnePlus 8T and OnePlus Nord, with the devices catering to very different segments of the market.

With the OnePlus Band, OnePlus is emulating a similar strategy that we've seen with the manufacturer's phone business. The upcoming OnePlus smartwatch will be aimed at upmarket buyers, and like the Nord, the OnePlus Band will be catered to the budget segment.

Android Central claims the OnePlus Band will debut in India for ₹3,000 ($40), making the price competitive with the Mi Band 5, which retails for ₹2,499 ($33). It’s unclear if the wearable will launch in other markets, but OnePlus has seen a lot of success in India, where it exclusively sells its TV. We could potentially see a similar approach.

If today's report about the OnePlus Band is true, the company will be very busy to kick off the new year, with a high-end smartphone and two wearables. With January just around the corner, we should know more about what OnePlus has planned very soon.