Samsung is cutting back on the number of phones they produce in 2022 from 310 million to 280 million. It is reported that this is in preparation for the economy to get worse before it gets better.
Both higher-end and lower-end phones are on the chopping block as the company predicts that most people will not be in the market for new phones.
Samsung isn’t the only phone company experiencing a decrease in sales, Apple has also planned to slow production due to the lack of demand. They will be selling around the same number of iPhones they did last year, despite the recent technological developments.
The conflict between Russia and Ukraine is a huge driving factor, as shipments to Russia have been halted since the conflict began.
“Recently, Samsung Electronics received a call to reduce the order volume of smartphones from the current target of 310 million units to 280 million units,” SKMBN, a Korean publication, quoted an official from a Samsung Electronics partner company. “As of May, a strong inventory adjustment is confirmed.” “Smartphone production in May is expected to decrease by 35% compared to the average in January to April. % reduction is expected.”
It may be some time before Samsung and Apple go back to their regular production. In the meantime, you may want to hold on to your phone a little while longer.
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