May 09, 2024
Mobile & Internet
Pantech delays launch of new smartphone
[THE INVESTOR] Pantech, a South Korean smartphone maker, has temporarily delayed the launch of its new handset early next year, an industry source said on Dec.22.
Instead, the firm will be focusing on building a joint venture in either Southeast Asia or Eastern Europe.
Pantech, once South Korea’s third-largest smartphone maker, had been under a debt-restructuring program because of stiff competition at home. After graduating from the debt-restructuring program, Pantech then rolled out a new smartphone IM-100 in June this year, but it has sold only 132,000 units so far, missing its sales target of 300,000 units.
With Chinese competitors selling mid-price smartphones in South Korea, Pantech stopped production of the IM-100 in August.
Pantech had planned to launch a new version of the IM-100 early next year, but the plan has been temporarily postponed due to mounting losses, the source said on the condition of anonymity. Instead, Pantech is seeking to set up a joint venture in Southeast Asia or Eastern Europe to sell its smartphones there.
(theinvestor@heraldcorp.com)
Instead, the firm will be focusing on building a joint venture in either Southeast Asia or Eastern Europe.
Pantech, once South Korea’s third-largest smartphone maker, had been under a debt-restructuring program because of stiff competition at home. After graduating from the debt-restructuring program, Pantech then rolled out a new smartphone IM-100 in June this year, but it has sold only 132,000 units so far, missing its sales target of 300,000 units.
With Chinese competitors selling mid-price smartphones in South Korea, Pantech stopped production of the IM-100 in August.
Pantech had planned to launch a new version of the IM-100 early next year, but the plan has been temporarily postponed due to mounting losses, the source said on the condition of anonymity. Instead, Pantech is seeking to set up a joint venture in Southeast Asia or Eastern Europe to sell its smartphones there.
(theinvestor@heraldcorp.com)
