https://wccftech.com/oneplus-z-everything-you-need-to-know-about-the-upcoming-budget-oneplus-phone/

OnePlus Z was expected to launch alongside the OnePlus 8 Pro and OnePlus 8. However, to much surprise, the company decided to not do that, and just went ahead with the making devices. This ended up causing a stir, which led many to believe that OnePlus is not launching the device altogether. While some insiders talked about how the COVID-19 pandemic is the cause that the device is delayed.

Despite missing from the online event, the OnePlus Z managed to make rounds on numerous occasions. We have even seen the renders of the device, and are aware of the alleged specs. So, it is safe to say that the device more or less exists.