Major Chinese PC maker Lenovo will invest $800 million to build new facilities in an effort to better compete in the tablet, smartphone and overall mobile device market.
The facilities will begin operating in October 2013 in Wuhan and will support research and development as well as production and sales.
Lenovo adds the new plants will help the company produce more mobile devices for the international market. The revenue generated from the plants is expected to reach 10 billion yuan ($1.58 billion USD) by the end of 2014 and then 50 billion yuan by then end of 2018.
The company is the second largest PC maker in the world but they have only "skimmed the surface" of the smartphone and tablet market. Lenovo has released a number of "Le" phones in China which have met some commercial success.
China has quickly become the largest market in the world for smartphone shipments, so it makes perfect sense that Lenovo would like to get a larger piece of that pie. The company already controls 9.1 percent of the Chinese smartphone market, up from 1.8 percent in 2011.
Lenovo adds the new plants will help the company produce more mobile devices for the international market. The revenue generated from the plants is expected to reach 10 billion yuan ($1.58 billion USD) by the end of 2014 and then 50 billion yuan by then end of 2018.
The company is the second largest PC maker in the world but they have only "skimmed the surface" of the smartphone and tablet market. Lenovo has released a number of "Le" phones in China which have met some commercial success.
China has quickly become the largest market in the world for smartphone shipments, so it makes perfect sense that Lenovo would like to get a larger piece of that pie. The company already controls 9.1 percent of the Chinese smartphone market, up from 1.8 percent in 2011.
