Motorola finally took the wraps off its much-rumored Moto E smartphone on Tuesday, May 13, unveiling a dirt-cheap smartphone running Android 4.4 KitKat.

With this brand new Moto E budget smartphone, Motorola hopes it will achieve the same success as with last year's Moto G, which turned out to be the company's best-selling device ever.

The Moto G offered quite decent specifications for a very low price tag, redefining what cheap phones should mean. The Moto E now comes as an even cheaper handset that will go on sale this week with a $129 price tag. Motorola hopes to put the feature phone to rest once and for all with its new Moto E, and with such a low price point it might just achieve this goal.

In terms of design, the Moto E definitely doesn't look even like a dirt-cheap phone. The handset is made of toughened plastic that feels sturdy and should be more durable than other cheap offerings. Moreover, the Moto E also boasts a water-repellent nano-material coating, which means it will be able to withstand a splash or two (just don't take it for a swim). The front of the device also sports a smudge-proof coating.

Just like the Moto G, the new Moto E also comes with support for Motorola's interchangeable snap covers, which means that users will be able to customize the look of their device. Users will be able to choose between nine different colorful shells, or go for one of Motorola's three rugged alternatives.

Moto E Specs

The new Motorola Moto E sports a 4.3-inch display with a resolution of 960 x 640, at a pixel density of 256 pixels per inch (ppi). The lack of an HD resolution is quite noticeable, but at this price the display is more than decent. In addition, the display has a very tiny bezel, offering a nearly full-display experience.

Under the hood, the Moto E packs a dual-core Qualcomm Snapdragon 200 processor clocked at 1.2GHz and paired with 1GB of RAM. Other specs include a 5-megapixel rear camera without flash, and the handset doesn't have a front shooter for video chats or selfies. The rear camera, however, is pretty decent, and Motorola has also made some changes to the camera app to allow for easier handling of settings. In terms of storage, the Moto E has only 4GB on board.

On the software site, the Moto E runs Google's latest Android 4.4 KitKat, which is definitely a big plus for such a cheap device. Motorola further touts that its barely-noticeable custom skin will allow for quick updates.

"We're pushing the boundaries of the value equation even further with Moto E, a new class of smartphone that's fully loaded and fairly priced -- a perfect combination for savvy shoppers and first-time smartphone buyers. Because smartphones haven't always come at smart prices and we believe that people shouldn't have to compromise on quality, style or experience," Motorola boasts in its latest blog post.

"We believe it's time the feature phone era came to an end and that quality smartphones are made accessible and affordable for all. Say hello to Moto E and join us in officially saying goodbye to the feature phone forever."

Interested buyers in the U.S. can already pre-order the new Moto E from Motorola's website at this link. For more information, check out the video below to see the Moto E in action.