With an investment of $35 million (TL 294 Million), one of China’s biggest smartphone makers – Tecno Mobile – is entering the European market. Tecno Mobile joins host of other Asian Tech giants in bringing their markets to Europe.
According to Hanki Li, Tecno Mobile’s Turkey manager, “We plan to employ around 1,000 people at our production facility at Istanbul’s Pendik district in the first year of trading”.
He also said that the company is hoping to increase its current 10% market share in the Turkish market. And for that to happen, the company has to increase its investment in the long term, hence the move.
The production Camon, Pova, and Spark series are the first Tecno phones that is covered by the initial investment. These phones are mid-range and premium mid-range of Tecno Mobile.
A statement from the company further noted that they’ll “customize our products according to the needs of users in Turkey.”
One major reason why the company is setting up a production factory in Turkey is due to the positive environment set by the Turkish government’s intention to attract foreign direct investment.
Mr Li said: “We are highly attracted by this encouraging framework and visionary approach of the government to start this investment. We believe in the Turkish economy and market.”
As a subsidiary of Transsion Holdings, Tecno Mobile has done pretty well for itself. It’s a major global player with presence in more than 60 markets globally. It currently hold the number one spot in Africa ahead of Samsung and iPhone.
The brand is also very popular in South Asian Market and now it’s targeting Europe as it entered the Turkish market last year.
The market capitalization of Transsion Holdings achieved a value of $5 billion in its initial public offering (IPO) in September 2019 and went on to reach nearly five times as much by April 2021. Commenting on the issue, Li said, “The market value of Transsion, which has reached $24 billion as of April 2021, with an increase of 262% last year alone, shows that this success is not by chance.”
Since the end of 2016, the company has been the partner of English football club Manchester City. And they also recently signed Chris Evans aka Captain America as their global brand ambassador.
OPPO also announced that it entered the Chile and Colombian market recently. Xiaomi and other Chinese mobile phone makers also have their presence in Turkey now. So it’s nice of Tecno Mobile to spot the potential of the Turkish market and want to have a slice of it. This expansion will help the brand gain more awareness in more European countries.