INSUBCONTINENT EXCLUSIVE:
Russias sole domestic tv manufacturer Kvant has ceased production due to low need and high costs, the Kommersant business newspaperreported
Wednesday, pointing out the CEOs letter to shareholders.Kvant CEO Mikhail Etonov reportedly wrote in the March 17 letter that the company
stopped making Irbis tv at its Voronezh-based plant and does not prepare to resume production this year.Kvant was the only Russian TV maker
signed up with Russias Ministry of Industry and Trade, according to Kommersant
Anonymous sources near to the company said the decision to end production was because of sluggish need and the troublesome documents needed
to remain on the ministrys registry.Irbis TVs were priced higher than lots of foreign competitors and struggled to get traction in the
customer sector, stated Vladislav Borodin, head of consumer electronics at the Russian tech supplier OCS
He included that service sales were not enough to keep operations viable.Government procurement data showed state organizations largely
choosing foreign brand names, including LG, Sony, Samsung, Xiaomi and Haier, over Irbis TVs.Kvant used to be a professional in producing
electronic devices for the Chinese business Xiaomi and TCL, according to Kommersant
However, the 2 companies have considering that stopped delivering elements to the Russian plant over sanctions risks.Founded in 2016 in the
Moscow residential area of Zelenograd, Kvant published revenues of 15.9 billion rubles ($184 million) and a net revenue of 3.2 million
rubles ($37,000) in 2023.
