Google and Qualcomm invested $ 230 million in HMD Global, the umbrella company that produces Nokia branded smartphones. This investment could accelerate the launch of new Nokia brand phones.
Nokia, once the number 1 smartphone brand, could not catch up with the trends as smartphones became widespread and eventually melted out of the market. First, the mobile phone ‘giant’, who could not hold on to the market alone and joined Microsoft, started to produce new generation smartphones under the umbrella of HMD Global, as things did not go well here.
To be honest, Nokia has at times accomplished successful business under the HMD Global umbrella, and although it was not among the best, it was one of the followed brands in the market. However, because designing, developing, and manufacturing smartphones is costly, limited sales generated limited funds and smartphone operations at HMD Global slowed.
New investment could enable Nokia to increase its market share
Still, it could be the beginning of a new boom for Nokia. Qualcomm, the ruler of the mobile processor market, and technology giant Google invested 230 million dollars (1.6 billion TL) in HMD Global, the umbrella company of Nokia. Thus, HMD Global’s smartphone operations can be revived.
Although HMD Global introduced the first 5G-powered smartphone, the Nokia 8.3, in recent months, it has not yet released the device. With the new investment it has taken, the company can offer its 5G smartphone to the service of consumers and enable Nokia to revive in the market. According to Counterpoint Research, Nokia is the 13th best-selling brand in the smartphone market, and the new investment could enable the company to develop devices that will make it into the top 10.