Walmart Stores Inc. says it will launch a new line of smartphones to compete with Amazon.com Inc.’s Kindle Fire smartphone in the U.S.

UPDATE: 8:30 p.m.

(EST): Amazon said it plans to introduce a new “smart phone” to compete directly with Apple Inc.’

S Kindle Fire.

The company said in a statement on Monday that the new product, which it named the Amazon Kindle Fire, will go on sale later this year.

“This new product will be available exclusively through Amazon,” the company said.

“The Amazon Kindle is a high-end device that has been a hit in the smartphone industry, and Amazon intends to deliver on that promise with this new product.”

Amazon’s new product would be an improvement to its current line of smart phones, including the Kindle Fire and Fire HD tablets, which were launched in the fall.

“These products are designed to give customers a powerful, easy-to-use mobile experience while keeping them connected to the cloud and having access to the world’s greatest content at the click of a button,” the Amazon statement said.