China-based smartphone vendor Coolpad has recently launched a new model, the Coolpad Cool 1, aiming to ship a total of 50-60 million smartphones in 2016 and over 100 million units in 2017, according to a Chinese-language China Business News (CBN) report.

The Cool 1 is the first model launched after TV vendor LeEco became Coolpad's largest shareholder with a controlling stake of 28.9% in June, said the paper.

The Coolpad Cool 1 features a 5.5-inch Full HD IPS display, Qualcomm Snapdragon 652 processor, dual 13-megapixel rear camera, and an 8-megapixel front camera with 3GB or 4GB RAM.

The Cool 1 is also the first Coolpad smartphone to run LeEco's EUI 5.6 based on Android 6.0 Marshmallow.

Coolpad and LeEco will integrate deeply and also cooperate mutually on R&D efforts, intellectual proprietary property and supply chains, as well as using online and retail chains to promote sales, said the paper, citing Coolpad's president Li Bin.

But, judging from Coolpad's recent performance, it will be difficult for the vendor to reach its goal, CBN commented.

Coolpad announced in July that it expects to post a net loss of HK$2.05 billion (US$264.31 million) for the first half of 2016. Furthermore, its smartphone sales dropped 41.1% in 2015 and declined another 40% on year in the first half of 2016.

Coolpad currently ranks as the tenth largest smartphone vendor with a 2.6% share in the China market, according to China-based Sino Market Research. In 2015, Coolpad was the number one 4G smartphone vendor with a 23.1% share.