Finnish firm HMD Global, known for producing Nokia-branded smartphones, has unveiled plans to introduce its own line of mobile devices. The announcement was made on Monday by HMD Global CEO Jean-Francois Baril on LinkedIn, stating that the company's portfolio will expand with a new HMD brand that will co-exist alongside its Nokia (NYSE:NOK) phones. The company also plans to collaborate with undisclosed new partners.
Baril expressed appreciation for the journey HMD has taken as the home of Nokia phones over the past six years and declared readiness for the next step. "Now we are ready for the next step on our journey - to enter the market independently as a force to create a new world for telecommunications focused on consumer needs," he said. However, HMD Global has not yet provided a launch timeline or additional information regarding the new HMD products.
HMD Global was formed after Microsoft (NASDAQ:NASDAQ:MSFT) relinquished its rights to the Nokia brand in 2016. Foxconn (TPE:2354), led by founder Terry Gou who is also the main owner of HMD Global, took over Microsoft's role in the phone business. Nokia-branded devices are currently produced by Foxconn, indicating that upcoming HMD-branded products may also be manufactured by the Taiwanese tech giant.
The company's existing catalog, including phones like the Nokia C32, predominantly sits within the budget-to-mid-tier category. Future HMD-branded devices are expected to follow this trend. Baril stated that the company will continue to design for a more sustainable and affordable future. Despite Foxconn handling actual manufacturing, HMD Global Oy remains predominantly managed by former Nokia executives from its headquarters in Espoo, Finland. This development could provide an opportunity for them to reclaim some of Nokia's legacy under a new brand name.
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