Sony Ericsson today announced the K500i. From the specs list it looks like the K500i is going to be a cheaper version of the K700 (which while was announced in March, still has not hit any US carrier). However, the company has gone on record saying that the K500i is aimed to compete with the Nokia N-Gage QD. Here’s how it ranks:

• Java 2.0
• Mascot Capsule Engine Micro3D Edition, comes with 3D Tom Clancy’s Splinter Cell game
• 1.9 inch 65K color TFT display
• 12MB memory
• VGA camera, 4x digital zoom

The Sony Ericsson K500i should be available in Europe and Asia during the 3rd quarter of this year. Pricing is not known.

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