The new handset is called Motorola XT316, and is an affordable device with a 2.8 inch QVGA touchscreen display, Moto Switch UI, HSDPA, Wi-Fi b/g/n, GPS, 3.5mm headset jack, stereo FM radio with RDS, 3MP camera, 600MHz Qualcomm MSM7227-1 processor, 256MB of RAM, 512MB of ROM, MicroSD card support (up to 32GB), and a 1,420 mAh battery.
The XT316 is available as of now in China, and should be released in Hong Kong, Taiwan, Latin America, and Europe in the next few months. The smartphone will be called Motorola Fire in Europe, and Motorola Spice Key in Latin America (I assume the Spice XT300 was a success there, that's why Moto decided to keep this branding).
Although the XT316 currently runs Android 2.2 Froyo, the Fire and Spice Key will have Android 2.3 Gingerbread at launch. In China, the XT316 costs about $230, and I guess the Fire and the Spice Key will have similar prices.
source: Unwired View
