Russia’s sole home tv producer Kvant has discontinued manufacturing because of low call for and prime prices, the Kommersant industry newspaperreported Wednesday, bringing up the CEO’s letter to shareholders.
Kvant CEO Mikhail Etonov reportedly wrote within the March 17 letter that the corporate stopped production Irbis tv units at its Voronezh-based plant and does now not plan to renew manufacturing this yr.
Kvant used to be the one Russian TV maker registered with Russia’s Ministry of Trade and Business, in keeping with Kommersant. Nameless resources with regards to the corporate stated the verdict to finish manufacturing used to be because of gradual call for and the burdensome forms required to stay at the ministry’s registry.
Irbis TVs have been priced upper than dozens of international competition and struggled to achieve traction within the shopper section, stated Vladislav Borodin, head of shopper electronics on the Russian tech distributor OCS. He added that industry gross sales weren’t enough to stay operations viable.
Govt procurement knowledge confirmed state establishments in large part choosing international manufacturers, together with LG, Sony, Samsung, Xiaomi and Haier, over Irbis TVs.
Kvant was a contractor in generating electronics for the Chinese language firms Xiaomi and TCL, in keeping with Kommersant. On the other hand, the 2 firms have since stopped delivery parts to the Russian plant over sanctions dangers.
Based in 2016 within the Moscow suburb of Zelenograd, Kvant posted revenues of 15.9 billion rubles ($184 million) and a internet benefit of three.2 million rubles ($37,000) in 2023.
