LG, the South Korean tech giant, is looking to capitalize on a “window of opportunity” that has opened up in the Indian market. The company is scaling up its local smartphone manufacturing in the region by 15 times after recent anti-Chinese sentiments have gripped the nation.
According to LG’s mobile communications head, Advait Vaidya, the company has seen a 10 times increase in sales of its smartphones in the past two months. The senior executive credited this rise to the growing anti-Chinese sentiments and the boycotting of products from China. Furthermore, LG is also planning on applying for the PLI (production-linked incentive) that the local government offers to scale up production.
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The key market segment that LG is planning on focusing on is the sub 15,000 INR (roughly 200 US Dollars) smartphone category. This segment has typically been dominated by Chinese giants like Xiaomi, Oppo, Vivo, and even Realme in India. However, with recent military clashes in the Indo-China borders, friction between the two nations has escalated and the Indian government has already banned 59 Chinese applications as well.
Thus, LG is looking at this rising unease surrounding China and its products as an opportunity. By August, the company plans on launching 6 phones across all segments starting from the sub 10,000 INR category (roughly 133 US Dollars) with plans to expand through online and offline channels. Similarly, by the time Diwali (a major festival in India) rolls up, LG aims to have its production rise by 12-15X.
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