In a bid to strengthen its position in the Indian mobile phone market, Japanese electronics major Panasonic plans to come out with devices below Rs 5,000 by November this year.
The company has already launched four premium smartphone models since May, when it entered into the domestic market and aims to achieve a market share of 8 per cent in first year.
"Panasonic is conscious of the market and demand for phones priced below Rs 5,000. Considering the same, we plan to come out with a feature phones below Rs 5,000 by November this year," Panasonic India Managing Director Manish Sharma told PTI.
He said there is tremendous potential in the Indian smartphone market and the company is ready to invest more.
"We have already launched four premium models since our entry into smartphone market and we will continue to offer a wide range of phones. We are looking at budget phones and may introduce them following up on these launches," Sharma said.
The company had launched its first quad core enabled smartphone Panasonic P51 for Rs 26,900 in May. This month, it came out with three new models in the price range of Rs 9,790 to Rs 16,490.
"Our phones are targeted at the young generation, who is always on the lookout for better, faster and savvier smartphones on the go. The phones are apt for the always-on - the-go college youth and the premium executive class," Sharma added.