The Samsung Galaxy Note 7 story has an ending for the time being.
And that’s one of production having ceased due to battery fires in the case of the original and replacement units.
South Korean tech giant Samsung has permanently ceased production of its high-end Galaxy Note 7 smartphones after reports of devices it had deemed safe catching fire.
The company offered the following comment:
“We recently readjusted the production volume for thorough investigation and quality control, but putting consumer safety as top priority, we have reached a final decision to halt production of Galaxy Note 7s,” the company said. “For the benefit of consumers’ safety, we stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production.”
U.S. carriers had pulled the Note 7 from sale, the U.S. safety watchdog endorsed what Samsung initially claimed was a ‘temporary suspension’ of production of replacement models, the FAA repeated its warning that Note 7 devices must remain switched off on board aircraft and Oculus even went as far as disabling support for the handset with its Gear VR headsets. Effectively, the reputation of the Note 7 was trashed beyond repair.
Samsung’s shares apparently fell 8 percent after news of suspension in production broke out, then fell another 9.5 percent in the London market after the latest announcement.
Samsung had earlier issued a statement calling for carriers and other resellers to cease all sales, and asking owners to stop using the devices.
Consequently, Apple’s share price on Monday reached its highest level so far this year, at $116.05, and has already reached $117.40 in pre-market trading.
Stay tuned for additional details as they become available.