Andy Rubin, the co-founder of Android, is running his own company now called Essential. The company launched its first smartphone ever a couple of months ago. The Essential Phone is a high-end device with the specs to match. It wasn’t surprising when it was launched at a flagship-level price. However, the company has now decided to permanently cut the Essential Phone price amid reports that it just hasn’t been selling well.

Many potential buyers were irked by the $700 price tag of the Essential Phone. They felt that it was too much of a price to ask for a smartphone that has no pedigree. It’s Essential’s first smartphone, so naturally, many were unwilling to take a leap of faith without finding out more about the device and its performance.

Therefore, Essential has decided to permanently cut the handset’s price by $200. It can now be purchased from the company’s own website for $500. That’s an enticing price point for a flagship device with a solid build quality.

Customers who already paid full price for the Essential Phone need not worry. The company is going to send them a $200 “friends and family” that can either be put towards the purchase of a new Essential Phone or its 360 degree camera attachment.

Essential reportedly believes that cutting the handset’s price is going to help it gain a better footing in the very competitive smartphone market. Who knows, it just might.

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