It will only mark the attempt of a small company to buy an off-the-shelf smartphone from China and ship it with a white casing and a slightly weird looking take on the Commodore logo. To justify selling under the Commodore name, it will come with a pre-loaded emulator. One that could be installed on any Android phone. (Edit: It seems it will also include an Amiga emulator too, but everything I’ve said here about the C64 equally applies there too)… More here.
I tend to agree with Jonathan on this one and mainly because the PET name has been used with no real logic apart from the fact it is a well known name. However, this kind of branding of low level technology, and indeed other products such as jewellery and watches, is far from uncommon and happens a lot more than you may expect.