The Moto E is smaller, and cheaper than the $199 Moto G.
Spotted by Phone Arena, the Moto E is decidedly a entry-level smartphone. Motorola is pairing a 4.2-inch 720p display with a 1.2 GHz dual-core processor, 1 GB of RAM, and 4 GB of storage. The rear camera is a 5 MP shooter, and the battery is only 1,900 mAh. The E will also be running Android 4.4 on arrival.
The Moto G, Motorola's last phone under Google, currently sells for $199 off-contract (or around $100 when subsidized), with higher specs (quad-core CPU, more storage, etc.) so the Moto E should sell for even less.
There's no word on when the Moto E will be on sale, but those looking for a low cost Android phone should keep an ear to the ground.