Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) just announced the all new Q5, which runs on company’s latest BlackBerry 10.1 operating system. The phone is a mid-range device targeted towards emerging markets, with a choice of three colors—black, white and pink.

The Q5 will launch globally this summer, said Thorsten Heins, President and CEO of Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB), at the BlackBerry Live conference on Tuesday. The device will launch in “selected markets” in Europe, Africa, Asia, Middle East, and Latin America, starting in July.

There were rumors that Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) would be launching a new low-cost device running on BlackBerry 10 OS, and now with the announcement, we know that rumor is indeed true. The Q5 is aimed at emerging markets, where consumers want to buy affordable phones, and prefer phones with the Blackberry stamp and logo.

The Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) Q5 comes with a QWERTY keyboard for those who love physical keyboards, as well as a 3.1” touchscreen for all the rest who want to touch and type.

“The BlackBerry Q5 gives you the best of everything with its cutting-edge BlackBerry 10 functionality and a physical QWERTY keyboard” said Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) CEO. “It is for youthful fans that are passionate, confident and bold, and it makes it easy for them to have fun, create, share and stay connected.”

The camera supports the Time Shift mode that enables user to snap the phone once, and then combine photos, videos and music into a movie with BlackBerry Story Maker. Also you can switch the BBM (BlackBerry Messenger) chat to a BBM Video conversation anytime, and talk face-to-face.

The new Q5 joins the Q10 and Z10 phones, which also offer the new BlackBerry 10 OS. For now, there’s no word on pricing yet.