Chinese construction machinery manufacturer Sany Group said it will venture into the smartphone business as part of a plan to diversify from heavy construction machinery, according to a Reuters report in BusinessInsider.com. Sany is the latest of a number of Chinese companies going into the smartphone market. Sany plans to launch the SanyV8Pioneer 4G mode June 8.
Reuters said Sany, Zoomlion and other Chinese construction manufacturers are diversifying into other sectors as demands for their products slow down.
Sany has also opened a bank and has invested in marine and port machinery.
