4061.0 views

Vivo plans to export made-in-India smartphones from 2022! - Prune

In what comes as a positive move for exporting, the Chinese tech giant Vivo is gearing to export its smartphones manufactured in India from this year onwards. It is the company's way to capture a larger market share by increasing its production in the country and will increase its annual production capacity from 50 million to 60 million by the end of this year.

And out of its overall investment goal of Rs 7500 crore, Vivo plans to invest a whopping Rs 3500 crore by 2023 for the same. Ultimately, the leading smartphone manufacturer aims to produce 120 million units annually in India.

Vivo will expand its existing unit, and it has also acquired 169 acres of land to set up a new manufacturing plant in Greater Noida to meet its larger goals. Along with this, it will increase local sourcing of device components such as displays and chargers to 75% by 2024.

According to Paigham Danish, Director of Business Strategy at Vivo India, the company is developing an ecosystem with a targeted focus on local procurement. Almost 60% of chargers and 95% of batteries are already sourced locally for Vivo's handsets. And its 'make-in-India' initiative, which was kickstarted by the government earlier, will further promote local sourcing.

Here's the official statement made by Paigham Danish to the news agency PTI, "We have already invested Rs 1900 crore till 2021. We will invest Rs 3500 crore by 2023, and then in our next phase, we are committed to investing Rs 7500 crore. These are investments in manufacturing only." He also added that Vivo surpassed 10 crore consumers in the Indian market.

There are many more benefits of this move made by Vivo. The company released its first-ever India Impact Report of 2021. The report mentions that Vivo provides direct and indirect employment opportunities to around 1.4 lakh Indians.

According to the report, "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 percent growth in average selling price (ASP), resulting in a 2.5 times growth in the retailer's average sales value per month."

With the company's goals to export from India with its Rs 7500 investment, it can generate around 40,000 more new jobs in India.

What do you think about Vivo's goals to export from India? We would love to hear from you!

To learn more about the latest tech updates and news, download the Prune app or visit the website right now!