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Vivo, the fourth largest smartphone manufacturer in the country, will invest Rs 3,500 crore by 2023 to increase its production capacity. The proposed new facility will add another 40,000 jobs. The facility will be mainly used to meet the needs of the domestic market and the export of petrol from India. Vivo hopes to start exporting this year only. The new production unit will increase the amount of output at 60 million units per year.
Vivo India’s Director of Business Strategy, Paigham Danish told this to Livemint in a special collaboration alongside the India Impact Report 2021.
Vivo is likely to strengthen its acquisition of local components through this investment. The smartphone maker aims to affect 95 percent localization. The Rs 3,500 crore investment plan that forms part of a larger package of 7,000 crore aims to affect 65% of the local performance indicator and the arrival of 75 local generated chargers. It aims to reach 120 million annually through planned investment.
“As a product, our goal is to reach a higher level and expand to diversify our business portfolio. Increasing our operations in India is a step towards that. We are humbled by people’s trust in us,” added Danish.
Vivo has 10 R&D centers around the world, but unfortunately they are not in India so far. Vivo has 400 million users worldwide. The company has 7 production units. Vivo says it has more than 650 service centers operated by this type alone. The company has more than 600 specialty stores.
Vivo claims to have a 25% market share on sales channels and is also available online across Flipkart and Amazon. The Chinese smartphone maker employs about 1.40 lakh people in India in all its subdivisions and thus has affected the lives of nearly 1.6 million families in a better way.