According to CNBC, Carl Pei, the former OnePlus co-founder, expects his consumer electronics firm Nothing’s revenue to more than double – from $20 million in 2021 to about $250 million in 2022.
According to the study, Nothing, which began in October 2020, has more than increased its personnel number to over 400. However, the corporation is losing money as a result of foreign currency conversion.
“We are not profitable right now. And this year was made even harder due to the foreign currency exchange. We pay a lot of our COGS [cost of goods sold] in USD but we make money in pounds, in euros, in Indian rupees — so everything devalued against the USD,’ Pei was quoted as saying in the report.
Nothing is also aiming to introduce a smartphone in the United States to compete with Apple and Samsung, according to the source.
Pei told the television station that talks are underway with US telecom providers about the upcoming Nothing smartphone, but provided no other details. Nothing introduced its first smartphone, the mid-range Phone (1), in select markets, including India, in July.
“Every startup manufacturer has worked with Foxconn,” Pei was quoted as saying. “But when it was our turn, they said no because every startup that worked with them failed. And every time a startup failed, Foxconn lost money on it, they were not able to recoup their costs.”
According to the report, Nothing asked Taiwanese contract manufacturer Foxconn to produce its phones. Foxconn, on the other hand, refused to do business with the company, citing “previous failures in the smartphone industry.”
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