LONDON — The company behind the Nokia mobile brand refreshed its smartphone lineup on Thursday with a slew of new budget models, as it struggles to compete with established players like Samsung and Apple.

The firm has since released several smartphones and "dumb phones" — including revamped versions of nostalgic devices like the 8110 "banana phone" and 2720 flip phone.

The X20 and less expensive X10, priced at 309 euros, are both powered by Qualcomm's Snapdragon 480 5G chipset, run on Google's Android operating system and come with three years of security updates, as well as a three-year warranty — one year more than that offered by the G and C series.

Nokia has struggled to gain significant traction in the smartphone market, due to fierce competition from Apple, Samsung and Chinese players like Huawei and Xiaomi.

"I think it will continue to be very hard for (Nokia) to be able to compete in the highest portfolios on the market — that's why they are now targeting lower price bands," Francisco Jeronimo, associate vice president for European devices at market research firm IDC, told CNBC.

The company, which is financially backed by Nokia, Google and other big investors, launched a SIM card with global data roaming called HMD Connect last year.