Sony has unveiled plans to launch an 80GB PlayStation 3 for the North American market in August at a suggested retail price of $599. 

The Japanese electronics company also announced that, effective immediately, the current 60GB PS3 will be available in North America for $499, $100 below the original launch price.

Sony hopes that an expanded hard disk drive in the new 80GB PS3 will allow it to better appeal to online gaming and entertainment enthusiasts.

The new model includes the million-selling MotorStorm game, allowing up to 12 players to play online at one time.

More than 120 new first-party and third-party software titles will be available for North American PS3 users throughout the holidays and this fiscal year, Sony added.

Upcoming first-party titles include Folklore, Heavenly Sword, Lair, NBA '08, Ratchet & Clank Future: Tools of Destruction, SingStar, Socom: US Navy Seals Confrontation, The Eye of Judgment, Uncharted: Drake's Fortune and Warhawk.

Third-party titles will include Devil May Cry IV, Dynasty Warriors: Gundam, Grand Theft Auto IV, Harry Potter and the Order of the Phoenix, Hellboy, Metal Gear Solid 4 Guns of the Patriots, Ninja Gaiden Sigma, Sega Rally Revo, Stranglehold, The Darkness, TimeShift, Tom Clancy's Rainbow Six Vegas and Tom Clancy's Ghost Recon Advanced Warfighter 2.

"As we move into the next phase of PS3, it is important that we continue to evaluate our product line, offering consumers the technology and features that meet their growing needs for new forms of media and the way in which it is delivered," said Jack Tretton, president and chief executive at Sony Computer Entertainment America.