Vivo to Invest $466 Million in Indian Operations by 2023
Chinese tech firm Vivo will invest 35 billion rupees ($466 million) in its Indian subdivision by 2023, increase its annual smartphone production capacity in the country from 60 million to 120 million units, and export locally-made smartphones to other international markets in 2022, the Indian Express reported on Wednesday, citing Paigham Danish, Director of Business Strategy for Vivo India.
Therefore, in 2023, Vivo India will increase the number of employees for smartphone production from 10,000 to 15,000. In terms of spare parts, it aims to reach 65% localization for displays by 2023 and 75% localization for chargers by 2024. Regarding the manufacturing units, Vivo plans to scale up an existing plant in Greater Noida and build a new one as well.
As early as 2018, Vivo India announced a 10-year investment plan. Initially, the company set an investment target of 40 billion rupees, but raised it to 75 billion rupees in August 2019. Danish said Vivo had invested 19 billion rupees in manufacturing in 2021.
SEE ALSO: Vivo S12 Series Smartphone Released, Starting from $439
At present, the development of Chinese smartphone brands in India is facing challenges. In December 2021, the Indian tax authorities raided the domestic offices and manufacturing plants of Chinese smartphone brands such as Xiaomi and OPPO. As part of another tax evasion investigation, the country’s income tax department conducted searches on Wednesday at multiple domestic Huawei premises.