LG just officially announced a new device today. It's called the LG G Pro Lite and it is designed to be a mid-range/budget-friendly phablet device for emerging markets. Here's a statement from the company and a spec-list:

“With LG G Pro Lite, we are introducing a competitive device to the masses in the growing large smartphone market,” said Dr. Jong-seok Park, president and CEO of LG Electronics Mobile Communications Company. “The market for smartphones with displays over five inches will continue to grow and LG is in a great position to capture these new customers when they’re ready to move up from their current phones.”
  • Processor: MT6577 1.0 GHz Dual Core
  • Display: 5.5-inch (960 x 540 pixels)
  • Network: 3G (HSDPA: 7.2Mbps / HSUPA: 5.76Mbps)
  • Memory: 1GB RAM, 8GB ROM, MicroSD
  • Camera: Rear 8.0MP BSI / Front 1.3MP
  • Battery: 3,140 mAh (removable)
  • Operating System: Android Jelly Bean 4.1.2
  • Size: 150.2 x 76.9 x 9.4mm
  • Weight: 161g
  • Connectivity: Bluetooth 3.0, USB2.0, A-GPS, Wi-Fi Direct
  • Colors: Black, White