Although this was expected at this time – after two years without presenting new smartphones – it is still sad news for the technological market. Spanish smartphone maker BQ comes to an end after the fiasco in Vietnam.
At stake is a millionaire liability, more specifically, 41 million euros in losses and debts lead to the closure of the company’s activity. We recall that in 2019 BQ was acquired by the Vietnamese consortium Vingroup with a view to entering the smartphone market. Now, it is negotiating with LG to acquire all or part of its segment mobile.
The inevitable end of the Spanish smartphone brand BQ
The possibility of seeing new BQ smartphones hitting the market is now infinitely less, with the Vietnamese company trying to reach an agreement with LG. After several months of problems, discussions between shareholders and the managers of the once great Spanish manufacturer, BQ’s future is bleak. It is highly unlikely that the Vietnamese company will invest more in the Spanish.
We recall that this Iberian manufacturer was valued at 200 million euros, accumulating good launches of affordable smartphones, with good price / quality ratio and several models of 3D printers, in addition to the Zowi, the playful robots.
Furthermore, we have had several BQ tablets and e-readers with great success and good reception in the Spanish and UK’s market, with the product portfolio to include more items.
Debts of 40.9 million motivate HRC’s insolvency process
Currently the brand is buried in debts that carry with it the dream of an Iberian manufacturer. It was one of the few companies that developed their own phones and software. One of the few that also had its own research and development center in neighboring Spain.
The news is advanced by the publication LaInformación, which accounts for the liquidation of the company. In effect, the liquidation has already become final in Organs competent bodies of Madrid, declaring BQ’s state of insolvency, the result of a debt of 40.9 million euros.
BQ has considerable debts with former employees, suppliers and banking entities. In view of this financial scenario, there will be no other option than insolvency and the consequent liquidation of the remaining assets.
The owner of the company, Vingroup has never revealed BQ’s tax reports so far, which is usually a bad sign. Between 2019 and 2021 the manufacturer did not launch new products and the successive slippages in the tax department now dictate its end.
The advent of Chinese manufacturers like Xiaomi and several other brands low-cost will be behind the erosion of HRC’s market share. The madrilena falls as well as HTC, Sony, Blackberry and other names once sounding in the market mobile.
Finally, it is possible that HRC is divided into several sectors during the liquidation process, with some of these being able to be recovered. Anyway, this is the end of the brand as we know it over the past decade.
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