Glory team confirms withdrawal from India

July 26, 2022

Core Tip: On the evening of July 21st, Honor held a full-scene new product launch conference and launched a series of new products including Honor MagicBook 14 Ruilong Edition, Honor Tablet 8, Honor X40, and Honor Smart Screen X3. In an interview with the media after the press conference, Honor CEO Zhao Ming talked about Honor's development in the Indian market and future plans.
On the evening of July 21, Honor held a full-scene new product launch conference and launched a series of new products including Honor MagicBook 14 Ruilong Edition, Honor Tablet 8, Honor X40, and Honor Smart Screen X3. In an interview with the media after the press conference, Honor CEO Zhao Ming talked about Honor's development in the Indian market and future plans.
Zhao Ming said in an interview that Honor had a team and operated in India for a long time a few years ago. Later, due to well-known reasons, the Honor India team withdrew. Currently, Honor still has partners in India and has opened related businesses. , while maintaining profitability in the Indian market, Honor will take a very prudent way to conduct business in the Indian market in the future.

For Honor, the Indian market has previously been one of the important areas for its development model of dual-engine overseas and domestic. Zhao Ming also mentioned at the press conference that "India first" is Honor's long-term strategy. However, this change in attitude may also be related to the recent series of unfair treatment of Chinese mobile phone manufacturers by the Indian government.

On April 30 this year, the Anti-Money Laundering Executive Bureau of India seized US$725 million (about 4.89 billion yuan) from the bank account of its Indian subsidiary on the grounds that Xiaomi and its Indian subsidiary were suspected of violating India’s local Foreign Exchange Management Act. funds. Soon after, Xiaomi Group's deposits of 55.5 billion rupees (about 4.8 billion yuan) in India were seized.

In addition to Xiaomi, two other domestic mobile phone manufacturers, OPPO and vivo, were recently investigated by India for various reasons, and some of vivo's assets were seized, and OPPO was also threatened by the Indian authorities in the name of "tax evasion". It expands the penalty. A series of operations in India have also made many domestic mobile phone manufacturers who value the Indian market miserable, and Zhao Ming’s remarks may mean that Honor may gradually escape from the Indian market in the future.