The move is an indicator the company is focused on expanding its market share after playing second fiddle to Apple and Samsung for the past two years.
Among the handset models targeted by Nokia’s move include the Lumia smartphones that run on Windows 8 software, whose prices would be reduced significantly, Reuters reported.
The company, just back on its feet after years of relying on its Symbian platform, has seen increasing sales since the launch of the Lumia brand.
The cheaper models to be launched next week will retail at between US$200 and just above US$600.
Analyst say the move may also be necessitated by the need for the company to double its sales quarterly to appeal to investors.
Last year, the company recorded smartphone sales of 5.45 billion Euros, a 50 percent dip compared to 2011, despite 4.4 million Lumia devices being sold in the last quarter. Its mobile phone sales fell by 21 percent.