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SNIPPETS

Xiaomi eyes Beijing to open new
car plant
Chinese smartphone giant Xiaomi Corp will build a plant that can
produce 300,000 vehicles annually in Beijing for its electric vehicle
unit, authorities in the capital said on Saturday, states The Daily
Star. The plant will be constructed in two phases and Xiaomi will
also build its auto unit's headquarters, sales and research offices
in the Beijing Economic and Technological Development Zone, the
government-backed economic development agency Beijing E-Town
said on its official WeChat account, mentions The Daily Star report.
Beijing E-Town said it anticipated the plant reaching mass
production in 2024, a goal announced by Xiaomi's Chief Executive,
Nokia looking to revive Lei Jun in October. In March, Xiaomi said it would commit to
past-glory with investing $10 billion in a new electric car division over 10 years.
The company completed the business registration of its EV unit in
Made-in-Bangladesh late August. The company has been opening thousands of stores to
smartphones spur domestic sales growth for its smartphone business but
eventually intends to use these shops as a channel for its plans to
Nokia launched two locally manufactured sell electric vehicles.
smartphone models, aiming to grab this expanding
market with hopes that people will again start
looking forward to their beloved brand reminiscing
the past, according to a report in The Daily Star. A
factory at Bangabandhu Hi-Tech City in Kaliakair of
Gazipur will be churning out over 9,000 Nokia
handsets per month, including the newly launched
G Series models of G10 and G20. Vibrant Software
(BD) Ltd, a joint venture of United Kingdom-based
Vibrant Software and Bangladesh's Union Group,
received permission to assemble Nokia devices and
set up the first factory to manufacture Nokia
smartphones in Bangladesh, states the report.
Union Group with its arm Cellular Mobile (Pte)
Limited (CMPL) first imported Nokia phones to
Bangladesh in 1996, starting off with only 10
devices. Jack Dorsey stepping down
Its biggest push came after it secured a deal with
Citycell, one of the oldest mobile operators in Twitter Inc Chief Executive Officer, Jack Dorsey will step down from
Bangladesh, and marketed 3,000 Nokia phones his role and a successor has been lined up, according to Reuters.
under the agreement. After that, there was over a The company's board has been preparing for Dorsey's departure
decade of tremendous advancement for Nokia in since last year. The news comes as Twitter has accelerated the pace
Bangladesh and it became a household brand. Over of its product innovation over the past year to compete with social
the years, CMPL's sales rocketed to a proportion media rivals such as Facebook Inc. and TikTok, and to reach its
where Nokia was established as a preferred goal of doubling annual revenue by 2023.
cellphone brand in the country. In its heyday from Shares of the microblogging platform surged 9% in early trading,
2008 to 2011, its local market share was 60 per cent while those of digital payments firm, Square Inc., of which Dorsey
to 75 percent. is also chief executive, were up 3%. Trading in the shares was then
suspended ahead of an expected announcement.

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