Just months after selling its loss-making mobile business to Microsoft Corp. (MSFT), Nokia (NOK) is planning to return to the consumer market with a new Android tablet.

Nokia stuck to its old naming pattern by calling its new tablet the N1.

N1 has been fabricated by Taiwan-based Foxconn, which also makes Apple’s (AAPL) handsets. It features Google’s (GOOGL) Android OS in place of the Windows software Nokia used on its mobile phones when it got into a partnership with Microsoft in 2011. That partnership bore no fruit and as a result in April this year, Nokia sold its handset unit to Microsoft for $7.2 billion.

The 7.9-inch Nokia N1 looks a lot like the new Apple iPad Air, runs on Android Lollipop but with the Nokia Z launcher. For a few months now, the gesture-based Nokia Z launcher has been accessible as a free download on Google Play. It also has speakers at the bottom, just like iPad Air.

It will come at a price tag of $249 and will initially go on sale in China, in time for the Chinese New Year (Feb 19, 2015). It will then be launched in Europe, starting with Russia.

Looking Ahead

In 2008, Nokia held a 43.7% market share in smart phones. After leading the market for 14 years, it was dethroned by Apple, which in 2007 launched the iPhone. It also began to lose market share in the face of fierce competition from cheaper Asian manufacturers.

After carrying out the sale of its mobile phone unit to Microsoft in April this year, Nokia shifted its focus to its three more profitable operations: networks, HERE mapping services and software.

Last week, when Microsoft rolled out its first Lumia smartphone under its own brand name, the Nokia brand was completely wiped out of the handset market.

Mr. Nystrom, who announced the launch of the tablet in Helsinki at Slush, hinted that Nokia was also interested in producing Android smartphones. However, this cannot happen before 2016, as the agreement with Microsoft included a clause that prevents Nokia from entering the smartphone business before that time frame.

Investors can also consider Mercadolibre, Inc. (MELI), which holds a Zacks Rank #1 (Strong Buy).

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