Google flagship smartphone debuted last fall with an affordable $350 price-point and achieved immediate success. Since it's launch, the Nexus 5 has only been available in a black or white color option however Google has made the decision to expand to a third “bright red” color option.
Internally, the red Nexus 5 is identical to the white and black models thus being strictly a cosmetic change. The red option is available in both 16GB and 32GB versions with the standard $349/$399 pricing.
As for availability, this is the official word via LG:
“The red Nexus 5 will be available on Google Play™ starting this month in the United States,Canada, U.K., France, Germany, Italy, Spain, Australia, Hong Kong, India, Japan and Korea with wider availability across Europe by the end of the month. Customers will also be able to purchase a red Nexus 5 in retail stores in select markets.”
You can find more information on the red Nexus 5 by viewing it in Google Play.