LG Electronics is focusing on a low price strategy for the company’s latest flagship G7 ThinQ model, while promising better quality, according to its mobile chief at a press conference in Seoul on Thursday.
“Our major focus is to provide better quality phones at lower prices,” said Hwang Jeong-hwan, vice president and head of the mobile communications business, after unveiling the G7 ThinQ.
The new smartphone features artificial intelligence functions aimed at convenience, the “brightest” display and enhanced audio technologies. It will go on sale later this month in Korea, the United States, Europe and Latin America. Its price has not been confirmed yet.
“We are trying to come up with reasonable prices by considering many market factors,” Hwang said. “Although we are continuing to post deficits, we are not intending to reap margins from the new product.”
The G7 ThinQ is the first product led by Hwang since he was promoted to the head position late last year. He seeks to turn around the struggling smartphone business with the new model.
To a question of LG’s plan to launch the new phone in the Chinese market, Hwang said he is carefully preparing to re-enter the market.
“We want to use Hong Kong as a stepping stone for us to enter the Chinese market again,” he said. “Korea’s sales office will cover Hong Kong and China markets from this year (to raise sales there).”