However it remained unclear whether they would be on the market in time for the Christmas shopping season.
Acknowledging the gains that both Apple and Google have made in the smart phone market, Elop said that there is room for another smart phone "ecosystem".
"Our belief is that there is a clear opportunity for an alternative ecosystem," Elop said.
Both Apple's iPhone and Samsung, which runs Google's Android operating system, outstripped Nokia in the smartphone market this year, ending Nokia's 15-year reign as market leader.
As of the end of June, Nokia's quarterly phone sales dropped 20 percent at a time when the market grew 10 percent, according to a Reuters report.
The announcement of the Windows-based phones from Nokia came on the same day that Apple is anticipated to launch the next generation of the iPhone.
Last week, Elop announced plans to cut 3,500 jobs at Nokia, the second restructuring at the company in six months. Some 300 jobs are to go in Finland.
Nokia's share price slumped by about six percent on Tuesday.
