Vivo to Invest Rs. 3,500 Cr in India by 2023
Vivo, the Chinese smartphone maker, has announced to spend Rs. 3,500 crore in India by 2023, and commence export of India-made smartphones in 2022.
Vivo India Director (Business Strategy), Mr. Paigham Danish said that this investment is a part of Vivo’s larger goal to invest Rs. 7,500 crore in India towards manufacturing. With this investment, Vivo targets greater localisation of its manufacturing processes and increasing employment opportunities in India, along with scaling up its production capacity.
Currently, 65% of Vivo chargers are manufactured locally, which the company targets to take upto 75% by 2024. The company further stated that it targets 65% localisation of its display manufacturing process by 2023. Vivo targets to employ 5,000 additional employees by the end of 2023, and further take the number of their total employees in India to 40,000 once the entire amount of Rs. 7,500 crore is invested. Presently, Vivo has a production capacity of 5 crore smartphones in India annually, which it intends to increase to 6 crore by the end of 2022, and then further to 12 crore smartphones in the coming years.