After it was revealed that Xiaomi plans on upping its global market share with the release of a $64 budget Android smartphone, the company is currently working on another handset that is expected to be released later in the year. The device has been dubbed Xiaomi "Ferrari" and according to the information present on GSMArena, the leak resulted through a benchmarking report released by GFXBench.

Xiaomi's "Ferrari" features mid-ranged specifications. Pricing not revealed

According to the website, Xiaomi's "Ferrari" is incorporated with Qualcomm's mid-ranged SoC, Snapdragon 615. In a recent benchmarking report allegedly released by the leading mobile chipset maker in the world, it shows its Snapdragon 615 and 620 squaring off in a temperature test, in which the Snapdragon 620 performed far better than its lower performing 'system on a chip'.

GFXBench report details state that Snapdragon 615's processor will be ARM's Cortex-A53, and will comprise up of eight cores that have been clocked in at 1.65 GHz. The phone will possess 2 of RAM, which will allow for fluid multitasking activities. Although the chipset is void of ARM's GPU, it does feature Qualcomm's Adreno 405 graphics processor. Additionally, Xiaomi's "Ferrari" resolution is 1080p and it is rendered on a 4.9 inch screen size. The report suggests that the 12 GB of on-board storage will be usable from the total 16 GB and there is no word if the handset will possess a microSD slot.

Luckily for users, "Ferrari" was shown to be running Google's Android Lollipop 5.0.2 update and will be incorporated with a 12 MP and 4.8 MP camera sensor combination. While there is no word on when the smartphone is going to be released, Xiaomi will most likely be releasing it during Q4, 2015 as that is the time period when Qualcomm will officially be incorporating its upcoming chipsets in to future devices.