POCO's product-marketing manager and global spokesperson, Angus Kai Ho Ng, has posted a tweet suggesting that the brand will soon release a phone that will be worth passing the OnePlus Nord over for. This suggests the device in question is a mid-ranger that may offer decent specs for a good price - which is also the Nord's main prospect.
https://www.notebookcheck.net/An-upcoming-POCO-phone-has-the-OnePlus-Nord-squarely-in-its-sights.484150.0.html
Ohh look how the tables have turned Xiaomi :)
You compromised Android One with Mi A3 and moved OIS from people flagship Mi series to Pro Previmum Plus devices.
And now entire of your midrange got canceled by incredible value of OnePlus Nord and Google Pixel 4a. Good luck to beat those Sony IMX w/ Optical Image Stabilization or pure Pixel experience godness ahahahaha
Indeed! OnePlus Nord overhyping marketing strategy aside, they have pretty much nailed what the European market wants: stockish firmware with great support, no frills or hidden gotchas(*), great camera for the segment, and overall great day-to-day phone.
(* - such as pre-installed malware apps that claim to be security apps, intrusive telemetry that is pretty much spying, and even annoying ads if you are not careful when selecting your country as seen in some of Xiaomi's MIUI phones)
Xiaomi fundamentally misunderstands Europeans tastes and priorities. This is not a new issue, but was usually severely alleviated by the great pricing (for the specs) and the "good-will" of the Android One program. With their attempt to move upmarket now they have neither, and are playing catch-up in what should have been their own game.