Vivo has a plan to invest Rs 3500 crore in India. Also, the company will do local outsourcing of chargers and displays. The company has released its first India Impact Report 2021, under which Vivo will employ around 1.4 lakh people.
Smartphone maker company Vivo has made a mega plan for India. Under which “Made in India” smartphones will be exported. For this, the company will invest Rs 7500 crore. Also, there is a plan to increase it to Rs 3500 crore by 2023. Also, the company will do local outsourcing of chargers and displays. The company has released its first India Impact Report 2021, under which Vivo will employ around 1.4 lakh people.
VIVO’s Made in India Plan
Vivo has been more active in India since 2014. Vivo has a market share of 25%. The company plans to produce around 60 million smartphones every year, which is currently 50 million. The company will make 75 percent of the chargers domestically by 2024, which is currently 60%. It will also manufacture 65% of the displays. For this, the company has a plan to invest Rs 7500 crore. 3500 crore of this will be invested by 2023.
Vivo has 70,000 retailers and more than 30,000 Vivo brand ambassadors in India. Between the first quarter of 2016 and the first quarter of 2021, the dealer base has registered a growth of 5 times. The company wants to increase the manufacturing capacity in India to 120 million per annum.
“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 of 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.
According to the report of International Data Corporation (IDC), Vivo company is the fourth largest company in India with 15.6 percent market share. Vivo company lags behind Realme with a slight difference. While Oppo is at the fifth position with 11.1 percent. Xiaomi company managed to become India’s number-1 smartphone company with 25.1 percent market share. Samsung is the number 2 smartphone company in India. Samsung’s market share in the year 2021 has been around 17.4 percent.
“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.
Follow TelecomByte for the latest Tech News, also keep up with us on Twitter, and Facebook.
