(This page may contain affiliate links. Read my full disclosure.)
Samsung has axed its Galaxy Note 7 smartphone, stopping production of the faulty device a day after it halted global sales of the product.
The South Korean company said in a regulatory filing Tuesday that it has made a final decision to stop production for the sake of consumer safety.
‘Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,’ the company said.
A spokesperson for Samsung confirmed to MailOnline that the smartphone has been ‘permanently discontinued’.
Samsung was struggling to regain consumer trust after a first round of recalls. The company stopped selling the device after finding that even the supposedly safer replacements it was providing for recalled Note 7 phones were catching fire.
The company says consumers with original Note 7 devices or replacements they obtained after the recall should turn off the power and seek a refund or exchange them for different phones.
The axing of the Note 7 will translate into lost sales of up to 19 million phones, or nearly $17 billion (£14 billion), according to analysts at Credit Suisse.