Sony has unleashed a new Android-powered smartphone for those on a budget. Meet the Xperia E5 that is poised to become the perfect companion for thrifty consumers who do not wish to dig deep into their wallets.

The Japanese company took the wraps off the Xperia E5 smartphone on May 31. The handset is targeted at Android users who do not care too much about the frills and would be happy with some essential functionalities.

"Forget about slow connections, or a smartphone that runs out of steam before you do. Xperia E5 delivers long-lasting, smooth performance and that all important 'it just works' experience," asserts the company.

The latest Sony smartphone will set consumers back by €199 or $220 and is set to release in select markets around the world. These include Latin America, Africa, Europe and the Middle East. For those wondering if the Xperia E5 smartphone will make its way to U.S. shores, a strong possibility exists that Sony will not take this route.

Since the Xperia E5 is a budget-oriented handset, it does not boast high-end specs. The smartphone has a plastic casing on its rear, which has a matte texture. The muted hues of the smartphone make it a tad understated, but pleasing to the eye.

The Xperia E5 weighs just 147 grams and has a 5-inch 720p HD display with a pixel density of 294ppi. The smartphone is 8.2 millimeters thick and houses not Qualcomm's but MediaTek's quad-core MT6735 processor, which is clocked at 1.3 GHz and 1.5 GB of RAM. It also has Mali-T720 MP2 GPU.

The smartphone also boasts a 13-megapixel primary camera and a 5-megapixel front-facing camera for selfie lovers. The Sony smartphone also has 16 GB of on-board storage, which can be expanded via a microSD card up to 200 GB. The device has a 2,700 mAh battery and Sony claims it supports usage of up to 2 days.

Lastly, the device comes with Android Marshmallow out of the box. It offers support for NFC, Wi-Fi and LTE. The smartphone will retail in two hues: Graphite Black and White.