[Photo provided by LG Electronics Inc.]

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South Korea’s LG Electronics Inc. has sold over 100,000 units of its first fifth-generation (5G) smartphone, the V50 ThinQ, in just over a week after its release in Korea, which is more than quadruple compared to its predecessor last year.

According to multiple industry sources on Sunday, sales of the V50 ThinQ exceeded 100,000 units on Saturday, eight days after its launch in Korea on May 10. Its sales were more than quadruple compared to its predecessor, the V40 ThinQ released in the second half of last year. About 20,000 units of the V40 ThinQ were sold in the first week after release.

Industry watchers noted strong sales of LG Electronics’ first 5G smartphone partly owed to a heated marketing war among the country’s three major mobile carriers to win more 5G subscribers upon the release of a string of new devices – Samsung Electronics Co.’s Galaxy S10 in early April and LG’s V50 ThinQ in May.

On the first day the V50 ThinQ was up for sale, Korea’s top carrier SK Telecom Co. provided up to 770,000 won ($644.5) worth of subsidies on the device, the largest so far, and KT Corp. 600,000 won, and LG Uplus Corp. 570,000 won, all more than that provided for Samsung Galaxy S10 priced at 1.397 million won. The V50 ThinQ costs 1.199 million won.

Mobile carriers also competitively offered illegal financial benefits to lure more 5G subscribers, enabling consumers to own the V50 ThinQ free on the first weekend after release. Some carriers even reportedly offered a “pay-back” reward to subscribers buying the new smartphone.

LG Electronics said its V50 ThinQ is gaining more positive market response than its predecessor thanks to its dual screen, which allows users to feel as if they use two smartphones at the same time. LG Electronics plans to work with mobile carriers and game companies to offer more dual screen-optimized services.

LG Electronics, meanwhile, plans to launch the V50 ThinQ in the United States and Europe this month with hopes to take the lead in the 5G market. It will launch sales of the V50 ThinQ on May 31 in the U.S. through carrier Sprint. The device will be available in Switzerland first among countries in Europe.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]