Mitsubishi calls it quits in mobile handset market

3 Mar 2008

One of Japan’s leading electronics companies, Mitsubishi Electric Corp, plans to stop making mobile phones and exit the handset arena, the Nikkei business daily reported citing a company statement. It is understood Mitsubishi Electric will elaborate on its plans later today. The company currently turns over in excess of JPY100 billion (USD965 million) per annum from its mobile phone business but is losing market share in a competitive market environment, the Nikkei said. Mitsubishi Electric is also thought to be cancelling the production of a number of models it was scheduled to supply to the country’s leading mobile operator by subscribers, NTT DoCoMo, this year, reports Reuters.