Pantech's SKY IM-100 [Courtesy of Pantech]
A new mid-tier smartphone produced by Pantech went on sale Thursday, heralding the comeback of a popular brand that has been thrown out of the competitive domestic market.
The factory price of Pantech's SKY IM-100 was set at 449,900 won (391 US dollars), but consumers can buy it at a far lower price using long-term service contract discounts.
Pantech, which used to be a successful start-up as South Korea's third largest smartphone maker, was put under court receivership in August 2014 due to poor sales and snowballing debts. It has tried to restore its reputation since a local consortium took over last year.
The SKY IM-100, which was released through two mobile carriers, KT and SK Telecom, targets the budget phone market in which Chinese phones are gaining their popularity. Tech giant Samsung Electronics has also released budget phones.
The Android-based Pantech phone, which is 7.8 mm thick and weighs 130 grams, features premium devices such as a wheel key to adjust the volume, and a 5.15-inch high-definition LCD display. It comes in two colors -- classic white and platinum black.
Pantech aims to sell some 300,000 units this year. Established in 1991, the company produced its first mobile phone in 1997 but falling sales prompted it to apply for a workout program in 2006 and again in 2014.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
