Samsung Electronics Co Ltd (KRX:005930) is preparing to offer refurbished version of its ill-fated Galaxy Note 7 in South Korea. According to a report from Korean website ET News, the South Korean electronics giant is expected to start selling the handset in June at a significantly reduced price.
The report suggests that Samsung has renamed the smartphone as the Galaxy Note FE, which stands for Fandom Edition.
The Galaxy Note FE will be released without any major changes. It is said to feature a smaller 3,200 mAh battery and will cost 30% less than the Galaxy Note 7, according to the report.
At the end of 2016, Samsung had to suspend the sale and cease the production of the Galaxy Note 7 after many reports that the phones’ batteries caught fire. The company found that a manufacturing defect in the batteries had caused some of them to generate excessive heat, resulting in fires.
Activists and environmental groups were pressing Samsung Electronics Co Ltd (KRX:005930) to commit to a plan to recycle millions of Galaxy Note 7 devices. But the company decided to come with a better and profitable option (for business, not environment ) instead of just wasting the handsets.
The Galaxy Note FE will be the same as the original Galaxy Note 7. Do not exexpectny changes to the refurbished version. However, it is said to a smaller 3,200 mAh battery, compared to 3,500 mAh battery found in the Galaxy Note 7.
According to ET News, Samsung will release the Galaxy Note FE in June, which is set to an important month for the tech world. Apple is expected to unveil new iPads next month. At the same time, HTC and Motorola are preparing to launch new smartphones in June.
Shares of Samsung Electronics Co Ltd (KRX:005930) are up over 28% so far this year. The stock was closed down 0.09% on Wednesday.