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Samsung Begins Assembling Premium Smartphones In India: Report

Author: Anusuya Lahiri | February 06, 2023 01:26pm

  • Samsung Electronics Co Ltd (OTC:SSNLF) reportedly began making its fold and flip smartphones and its latest Galaxy S23 flagship in India.
  • The South Korean giant's Indian unit previously imported some of its premium flip and folded devices into the second-biggest smartphone market. 
  • Samsung is now assembling its entire phone portfolio locally, Bloomberg reports citing Samsung India's mobile business head, Raju Pullan.
  • Samsung did not divulge whether the locally assembled flagship devices will be priced lower than the imported ones.
  • Samsung has faced stiff competition from Chinese rivals in an Indian market characterized by budget-friendly smartphones. 
  • China's Xiaomi Corp (OTC:XIACF) (OTC:XIACY) topped as India's biggest smartphone vendor in 2022 with a market share of 20%, while Samsung was a close second at 19%, the report cited research firm Canalys.
  • Samsung narrowed competition with its more affordable devices, tying up with banks for credit card offers and rolling out a consumer credit program that helped it sell devices worth $1 billion in 2022, Pullan said.
  • Samsung has struggled to collect some of the Indian government's financial incentives, even as manufacturers including Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn Technology Group scored.
  • Samsung bagged double the number of orders for its latest iPhone-rival Galaxy S23 in India in 24 hours versus the previous generation of Galaxy devices on the first day.
  • The report further added that Samsung is increasing the number of stores selling Galaxy devices and investing more in sales and marketing. 
  • Samsung has set up an India-focused mobile research center and is building out production bases in the country, TM Roh, president of Samsung's smartphone business, said in a January interview.
  • "India is a crucial market that we'd like to take back," Roh said.
  • Price Action: AAPL shares traded lower by 1.44% at $152.27 on the last check Monday.
  • Photo Via Company

Posted In: AAPL HNHPF SSNLF XIACF XIACY


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