 "Vivo to invest Rs 1,100 cr to ramp up mfg capacity in Greater Noida")
Smartphone maker vivo on Thursday said it will invest Rs 1,100 crore more by the end of 2023 to scale up its manufacturing capacity in the country, and that production in its upcoming unit at Greater Noida is expected to commence by early 2024.
vivo India also said it is "on track" to export more than one million 'Made in India' smartphones in 2023, having sent its first 'made in India' smartphone shipment to Thailand and Saudi Arabia during 2022.
As part of its Rs 7,500-crore proposed investment plan it had outlined, vivo is on its way to complete the first phase investment of Rs 3,500 crore by the end of 2023.
"vivo India has already invested Rs 2,400 crore, and a further Rs 1,100 crore is expected to be invested by the end of 2023 to increase its manufacturing capacity and support the government's vision of making India a global export hub," the company said in a release.
The company released the second edition of its India impact report, as it pledged its "unwavering commitment" to the Indian market.
"The vision which vivo has for India, there is a very strong conviction that India's smartphone market holds a lot of potential and, thus, we are invested in creating this whole ecosystem for the smartphone market," Yogendra Sriramula, Head, Brand Strategy, vivo India said.
Accordingly, production in its new manufacturing facility in Greater Noida will commence by early 2024, subject to necessary clearance from the authorities.
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The new facility spreads across 169 acres and will have annual capacity to produce nearly 120 million smartphones in the future, after all the phases are completed.
Its current manufacturing unit is also in Greater Noida.
Every vivo smartphone that is sold in India, is made in India, the release mentioned.
"Since our inception, India has continued to be a strategic market for us," Sriramula said.
All of vivo's motherboard assembly is happening in India, the release said adding vivo procures 95 per cent of its battery and 70 per cent of its charger components locally.