vivo plans to export 'made in India' smartphones from 2022
Leading global smartphone manufacturer vivo on Wednesday announced plans to start exports of 'made in India' smartphones from this year, adding that as part of its Rs 7,500-crore proposed manufacturing investment plan for the country, the company is likely to complete the investment of Rs 3,500 crore by 2023 to scale up its manufacturing capacity.Author : IANS
Leading global smartphone manufacturer vivo on Wednesday announced plans to start exports of 'made in India' smartphones from this year, adding that as part of its Rs 7,500-crore proposed manufacturing investment plan for the country, the company is likely to complete the investment of Rs 3,500 crore by 2023 to scale up its manufacturing capacity.
vivo said it aims to increase annual production capacity to 60 million smartphone units from the current 50 million and begin exports from 2022. In addition, vivo said it will increase local sourcing of components like chargers and displays.
"Consumers are at the core of everything we do and delivering a best-in-class premium experience to them is a priority for us. It has been an enriching journey of seven years in India, and it is heartening to be showered with love by millions of consumers across India," said Paigham Danish, Director Business Strategy, vivo India.
"As a brand, our goal is to reach new heights and expand in order to diversify our business portfolio. Scaling up our operations in India is a step in that direction," he added.
The company aims to scale the manufacturing capacity to 120 million units annually in the country in the future.
"To strengthen its partnership with India and its people, vivo plans to invest in local sourcing and start exporting from India by the end of 2022," it added.
The company on Wednesday released its first-ever 'India Impact Report 2021'. According to the report, vivo provides direct and indirect employment opportunities to around 1.4 lakh Indians.
"It created a socio-economic impact on the lives of 1.6 million Indians. Furthermore, the company made a definitive impact on its retail partners by providing 20 per cent growth in average selling price (ASP), resulting in a 2.5 times growth in the retailer's average sales value per month," according to the report.
The report also highlighted how the company has built a robust distribution of more than 1,000 distributors, 98 per cent of which are Indians.
vivo said it also generates more than 6,000 job opportunities through its master distributors.
Since its entry in 2014, vivo has witnessed a steady run in the Indian smartphone market. It held a substantial 25 per cent market share (in mainline retail) in 2021, maintaining its stronghold in mainline retail, as per GFK data.
The company aims to increase charger localisation to 75 per cent by 2024 from the current 60 per cent, and plans to source 65 per cent displays locally by 2023.
Nearly 40,000 Indians will be able to avail jobs through the proposed Rs 7,500 crore investment. There are currently 70,000 retailers and more than 30,000 vivo Brand ambassadors in the country, said the report.
Source : IANS