Samsung Mobile head: the company is moving in the "right direction" in the Chinese market and will develop cheap folding screen phones

CTOnews.com, July 27 (Xinhua)-- Samsung Electronics today announced its financial results for the second quarter of 2023, down from a year earlier, mainly due to a decline in smartphone shipments, officials said. In addition, Samsung's mobile phone business is not ideal in the Chinese market.

The head of Samsung's mobile business said Samsung was "moving in the right direction" in China, seeking to increase market share by adding high-end products and working with more local companies, Reuters reported.

Third-party data show that Samsung's market share in China has increased only slightly in single digits, said Lu Taiwen, head of MX for Samsung Electronics. "We are trying to provide Chinese consumers with products suitable for the Chinese market through software optimization suitable for the Chinese market, and I think the results are gradually emerging."

Mr Lu said the goal of Samsung's mobile business was to "restore" the Chinese market through high-quality products and services, such as new flagship foldable phones, as well as strengthening partnerships with local content companies.

Samsung was the largest smartphone maker in China in 2013, with a market share of about 20%, but plummeted to 1% in 2018, overtaken by Apple and brands such as vivo and OPPO, according to CTOnews.com. But by March, Samsung had regained 1.1 per cent of its market share, according to Counterpoint.

Mr Lu said the current trend of demand for high-end smartphones exceeding demand for ordinary models was likely to continue for some time as "the replacement cycle of mobile user devices in the global market is getting longer and longer".

Mr Lu also said Samsung was working hard to develop lower-priced folding screen phones to expand its customer base, including the Chinese and Indian markets.