Business Standard

Tech giant Samsung likely to cut phone production by 30 mn units in 2022

Amid the pandemic crisis, South Korean tech giant Samsung has reportedly decided to cut its phone production by 30 million units this year

Samsung will pay a rent of Rs 1.94 crore a month for the first three years and see around 15 per cent escalation every three years. At Rs 55 per sq ft per month, the deal is aligned with market rates, said experts.

IANS Seoul
Amid the pandemic crisis, South Korean tech giant Samsung has reportedly decided to cut its phone production by 30 million units this year.
The report mentioned that Samsung is cutting production targets across its low to mid-end and flagship models, reports SamMobile.
Samsung was reportedly going to produce 310 million units of smartphones in 2022 but it has now decided to cut that back to 280 million units.
The company had initially aimed to produce 300 million units in 2022 as it has yet to hit this figure after 2017. However, the global economic situation has dented demand and the company has to react, the report said.
Other companies have reportedly taken similar steps in the face of this challenging economic environment.
Apple is believed to have cut its smartphone production for 2022 as well. The company is reportedly cutting production of the iPhone SE by 20 per cent.
--IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Samsung

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First Published: May 28 2022 | 11:04 AM IST

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