HTC Is Planning To Sell Its Shanghai Factory To Recover Financially

Posted: Aug 20 2015, 9:57am CDT | by , in News | Technology News

HTC Is Planning To Sell Its Shanghai Factory To Recover Financially

HTC is in trouble

HTC has been a frequent theme in the smartphone industry this year. The company has revealed various phones up to this point.

HTC is additionally expected to launch the "O2" flagship before the end of this year. It appears that the company is relying on O2 sales to go extremely high because their sales are truly not going great.

HTC has been having issues turning a benefit for a few years now. It was once amongst the three greatest cell phone manufacturers of the world.

It was reported, just a week ago, that HTC is planning to relinquish 15% of its work force with an end goal to cut expenses.

All things considered, HTC is near offering of its Shanghai phone factory to an undisclosed Chinese OEM. This factory was assembled in 2009.

Its overall working area is 146.667 square meters. The factory cost HTC around $32.2 million. Offering of this factory will definitely help HTC in the budgetary sense.

The news was leaked by NextMagazine, which is a Taiwanese publication. The company truly needs to make sense of how to begin selling more devices.

Otherwise HTC will have to sell the whole company. CEO Cher Wang is considered to initiate the idea of selling the factory.

He came with the solution to sell two production lines in Shanghai. Also, the deal is almost complete.

The money will pretty soon arrive in HTC’s accounts. HTC’s market shares grow a little bit with just 0.40%, shortly after the news broke.

But this is just an insignificant number and there is still a long way to go.

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The Author

<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.




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