TCL Corp. says it is planning to start building factories in India and Brazil next year to manufacture smartphones and wearable devices. According to reports, the company wants to establish manufacturing bases in these two countries to meet the needs of their rapidly expanding consumer electronics markets. By setting up plants close to the end market, TCL is aiming to overcome high import tariffs.
Last week, TCL reported a 60% jump in net profit for the year to $518 million and an 18.4% increase in turnover to $14.4 billion, largely driven by a 60.3% growth in sales at its handset unit, TCL Communication Technology. This year, TCL Communications is targeting 30% revenue growth as part of the group’s wider push to transform itself into a manufacturer of connected technologies.