Samsung Begins Assembling Premium Smartphones In India: Report
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.
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