Sony’s share of the smartphone market has fallen sharply in recent years
BEIJING/TOKYO, March 28 (Reuters) – Sony Corp will close its smartphone plant in Beijing in the next few days, a company spokesman said, as the Japanese electronics giant aims to cut costs in the loss-making business.
Sony will shift production to its plant in Thailand in a bid to halve costs and turn the smartphone business profitable in the year from April 2020, the spokesman said on Thursday.
The decision to scale back its smartphone workforce, which could see up to 2,000 of the total 4,000 jobs cut by March 2020, is part of a move to reduce fixed costs in the business, and also includes procurement reform.
Sony’s share of the smartphone market has fallen sharply in recent years — from more than 3% in 2010, according to the research portal Statistica — to less than 1% currently.
It has struggled to compete against leaders Apple, Samsung Electronics and Huawei Technologies, all of which are racing to develop new 5G devices.
Sony’s smartphone business was one of the few weak spots in its otherwise robust earnings, bracing for a loss of 95 billion yen ($863 million) for this financial year. ($1 = 110.1200 yen).
Thailand Approves Latest Economic Relief Package for Businesses
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Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)
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The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.
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