OnePlus recently sent out an invitation with a tag line “Time to Change,” sparking rumors of the imminent launch of the OnePlus 2. As it turns out, however, the special event is to announce a price cut for the flagship OnePlus One, with latest reports indicating the successor OnePlus 2 will be released in the third quarter.

Phone Arena reported the OnePlus One with 64 GB storage in Sandstone Black will set the buyers back only $298. The model with 16 GB storage in Silk White can be had for $248.

Ausdroid reported even though Carl Pei, co-founder of OnePlus, said there will be no news about OnePlus 2 at the scheduled event, the successor with “2” (not “two,” as rumored earlier) appended to the company name will be released between July and September.

In the meantime, Pei also touched upon the infamous invite system. He said the system is important because it allows the company to handle supply and demand effectively. OnePlus sells its flagship at a thin margin and, therefore, cannot afford to have surplus ready-made units available at all times like Apple or Samsung.

Interestingly, OnePlus expects to sell 50,000 to 100,000 units of its new flagship model. It sold roughly 1 million OnePlus Ones. In any case, readers should note the company is planning to follow the same invite-only purchase model for the OnePlus 2. Meanwhile, Pei reportedly tipped the new OxygenOS with killer features has been designated for the Western markets while the HydrogenOS will hit the Eastern markets.

Here is a quick summary of the rumored OnePlus 2 specifications reported thus far: The device will sport a fingerprint scanner and microSD card slot, unlike its predecessor. Speaking of hardware specifications, the handset will reportedly be powered by an octa-core (Snapdragon 810) SoC, Phone Arena reported.