Nokia to start making CDMA phones in China
Nokia said it would make CDMA cell phones in China as it looks to boost its position in the world's largest mobile market.business Updated: Mar 31, 2003 13:13 IST
The world's top phone handset maker Nokia confirmed it would start making cell phones in China running on the CDMA mobile standard as it looks to boost its position in the world's largest mobile market.
In addition to the decision, which has been rumoured for weeks, Nokia also said it would merge its four joint-ventures in China with the new company to be headquartered in Beijing.
"The new company is well positioned to lead China's mobile handset and network markets as well as improve its competitiveness in the global market," Nokia said in a statement.
"The new company represents one of the largest foreign invested enterprises, as well as the largest manufacturer and exporter in the mobile telecommunications industry in China," Nokia said.
CDMA, or code division multiple access, is the second-largest mobile network standard globally behind GSM and is popular in the United States and Asia.
Nokia shares traded off 4.3 percent at 13.03 euros, hit along with other European technology shares as worries about a prolonged war in Iraq weighed.
First Published: Mar 31, 2003 13:13 IST