DECEMBER 20238MOTOROLA TO DOUBLE SMARTPHONE EXPORTS IN 2024According to a senior company executive, China's Lenovo-owned smartphone brand Motorola, an early beneficiary of the government's production-linked incentive (PLI) for mobile phone manufacturing, plans to double exports from India beginning next year. This will be accomplished by increasing Indian shipments to North America, a market currently served primarily by China.Our primary export market from India is North America." We are currently exporting 20-25% of our capacity to North America, and growth is increasing year after year. "We intend to double our exports next year (in 2024)," said Prashant Mani, Motorola's executive director of Asia Pacific.According to market analysts, Motorola will export more than one million smartphones from India in 2022, which will be manufactured by local electronics contract manufacturer Dixon Technologies. As of October of this year, it had already exported 800,000 units.Motorola's goal, according to Mani, is to maintain faster growth in exports than in domestic sales. "If we are seeing a 50-60% growth in domestic sellout, exports will grow faster than domestic sellouts."He went on to say that the Indian government has set two main goals for mobile phone companies: exports and localization. Motorola has already achieved a domestic value addition of 50-60%, excluding semiconductor parts, which is higher than rivals such as Samsung and Apple. MOTORCYCLE MAKER CLASSIC LEGENDS SECURES CAPITAL OF RS.875 CRORESClassic Legends Pvt Ltd, a Mahindra and Mahindra subsidiary that manufactures iconic motorcycle brands such as Yezdi and Jawa, is set to receive a Rs 875 crore fund infusion, according to a stock exchange filing. Mahindra has agreed to invest Rs 525 crore in one or more tranches of CCPS (compulsorily convertible preference shares) and equity.Classic Legends' existing shareholders and new investors will invest an additional Rs 350 crore in the motorcycle manufacturing firm in one or more tranches.Following the new fund infusion, which is expected to be completed by March 15, 2025, Mahindra will retain a 60% stake in Classic Legends, which will continue to be its subsidiary.The latest round of funding comes on the heels of Classic Legends' plans to invest Rs 1,000 crore until FY26 in order to catch up in the middle weight, lifestyle motorcycle market in India and tap burgeoning demand for such models in overseas markets.The funds will be used for, among other things, tooling up new products, marketing, creating distribution networks for international markets, and new product development. Classic Legends cofounder Anupam Thareja told ET in September. This sum, he said, would come from a mix of internal accruals, existing shareholders, and external investors. TOP STORIES
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