HTC One (E8) announced with Snapdragon 801, plastic unibody, 13MP Camera

HTC was planning on launching a budget version of HTC One M8 to compete with Samsung Galaxys S5 and its finally announced as HTC One E8 where E can be categorized as Economic and can give a serious competition to Samsung Galaxy S5

HTC One E8 features Android 4.4 atop Sense 6.0 with Boom Sound speakers, Qualcomm 801 2.5Ghz Quad Core CPU and 2 gigabyte RAM. It will feature the same battery size of 2600mAh as found on original HTC One M8 but will go sans duo camera and have 13-megapixel and 5-megapixel rear and front camera respectively.

HTC One (E8) has a plastic unibody instead of an aluminum one found on big brother, but has the same elegant dual curve as its metal sibling. The dimensions are about the same except the plastic model is a bit thicker (9.9mm vs. 9.4mm), but lighter (145g vs. 160g).
HTC One E8 also features Dual-SIM connectivity with Quad Band and LTE, both are nano SIM. and all other connectivity options just like HTC One M8 are available.
HTC One M8 Ace is going to be priced aggressively and going by the chinese price of  3000yuan it should come in India below ₹ 30000 and will be available in Red, White and Black color.