The much-anticipated Moto X is finally out and it seems it has a lower-cost sibling on the way as well.

The Moto X launched with bells and whistles after months of rumors and speculations. The smartphone is the first device from Google and Motorola since the acquisition and Google's fingerprints are all over it. The Moto X comes with good specs and features and very impressive customization options that no other company has to offer.

In fact, that's the greatest things about the new Moto X, its advanced customization options that allow users to create and personalize the appearance of their smartphone, choosing from more than 2,000 possible options. Motorola believes that a smartphone is too personal to settle for the mass-produced models, so it's offering users more choices.

On the other hand, while the Moto X is undeniably impressive, its $200 price tag on contract is a bit steep for many interested buyers who were expecting a bargain offering. The smartphone doesn't boast the highest-end specs, but its unique features seem to come at a price.

Those hoping for a cheaper Moto X, however, are in for some good news, as Motorola is reportedly working on a less expensive variant of the handset for the U.S. prepaid market and developing markets.

In an interview with CNET, Motorola Mobility CEO Dennis Woodside said that the Moto X was just the first smartphone to launch under this new strategy, but a cheaper follow-up would arrive soon.

"The experience of devices you can get for less than $200 is subpar right now," said Woodside. "We want everyone to have access to affordable smartphones."

"Moto X is the brand that we are most focused on. And there is more to come. You will see additional products within months."

Woodside did not go into any specifics regarding which features would still appear on a lower-cost Moto X, nor did he give a precise timetable for when such a smartphone would hit the market. Still, one thing's for sure: a cheaper Moto X is on its way.

Motorola did not yet announce the unsubsidized price of the newly-unveiled Moto X, but that roughly $200 on-contract price indicates a full cost of around $600. A budget Moto X should have a considerably lower price tag.