Most U.S. consumers haven't heard of LeEco, but the Chinese technology company is setting out to become a household name with a line-up of smartphones and flat-screen TVs undercutting the prices of Apple, Google, Samsung and other industry stalwarts.

LeEco heralded its entrance into the U.S. market during a Wednesday showcase featuring a sleek smartphone called the LePro 3 that will sell for $400 and an Internet-connected TV with a 7-foot screen priced at $5,000.

The LePro 3 is being positioned as an alternative to Apple's latest iPhone and Google's Pixel phone, whose prices both start at $650. LeEco is promising its giant TV, called the UMax 85, will be as good or better than other high-end home entertainment systems that cost $8,000.

The products go on sale Nov. 2.