Motorola said on Friday that it will launch its RAZR2 cell phone in North America later this month, but one wireless analyst said the follow up to the company’s earlier hit handset might not make the huge splash it needs to turn its fortunes around.

The success or failure of the RAZR2, said Joe Nordgaard, director of wireless consulting firm Spectral Advantage, will be crucial to Motorola’s future, so the cell phone maker needs a big hit “to regain its cachet and luster as an innovator.”

“Given its profitability and market share problems, Motorola needs a home run,” he said. “Motorola is still very much respected, but the market is much more competitive and the iPhone has set very high expectations."

Sprint Nextel and Verizon Wireless on Friday announced plans to launch the RAZR2, the new version of Motorola’s very successful flagship cell phone. Sprint Nextel said the phone will be available starting on Aug. 22 at $250 after rebates, while Verizon Wireless said it will launch the device in September at $300 after rebates. Motorola launched the RAZR2 in South Korea in late June.

In the wake of Apple’s June introduction of its much-anticipated iPhone, Mr. Nordgaard said, Motorola has to break some new ground but the company may be saddled with a legacy marketing problem.

“The fact the new phone is a second version of an older, albeit successful, phone could be an issue,” he said. “A new name might have been a more aggressive play. The RAZR is a commodity now so I am not sure if the name still has panache.”

Now more than two years since the introduction of Motorola’s game-changing, ultra-thin, oft-copied RAZR, the popular device has slipped into the bargain bin, priced at well under $100. And the number of units sold have not compensated for the much lower price of the phone.

Motorola has had a number of disappointing quarters, and Strategy Analytics on Thursday moved Samsung, which was ranked third, into second place in terms of market share, ahead of Motorola.

“These are tough times for Motorola but unfortunately I am not sure the RAZR2 is the home run Motorola needs,” Mr. Nordgaard said.

The RAZR2 features a larger internal screen for full HTML web browsing and an external screen that enables viewing media, music and/or messaging without opening the flip top.

The device will be available in both CDMA and GSM versions from most of the major U.S. carriers including Alltel, AT&T, Sprint, T-Mobile USA, US Cellular, and Verizon Wireless.