According to Winfuture, the Lumia 650 will be released in early February in Germany, via O2 (one of the country's largest mobile carriers). Reportedly, O2 will sell the new handset for €219 (about $238) off contract.
The Lumia 650 will run Windows 10 out of the box, becoming Microsoft's fourth handset to do so. The device seems to be partially made out of metal, and it's said that Microsoft intends to market it as an affordable business phone. Its specs are not exactly impressive: for example, the screen is a 5-inch 720p one, the processor is a quad-core Qualcomm Snapdragon 210, and there's only 1 GB of RAM, and 8 GB of internal memory on board.
We assume that the Microsoft Lumia 650 will also be launched in the US at some point (for the record, the handset already received its FCC approval). But $238 seems like a steep price for what this Lumia has to offer, so we expect it to be cheaper in the US.
source: Winfuture (translated) via Nokia Power User