Amid rising consumer electronics prices and sluggish demand for new gadgets, Android phone maker OnePlus is reportedly closing its doors in the U.S. and Europe this week, according to a Bloomberg report.

The move comes as part of parent company Oppo's corporate reshuffle. OnePlus will also cease operations in India, one of its largest markets outside China. Founded by Pete Lau and Carl Pei in 2013 with the aim of making affordable Android phones for tech enthusiasts, OnePlus expanded to offer a range of products that sparked global interest.

As the price of flagship OnePlus devices increased, the company ventured into more budget-friendly options through its Nord series. However, recent market trends show that smartphone shipments are predicted to decline by over 13% in 2026 due to a limited supply of memory chips, known as RAMageddon.

Oppo faced a significant year-over-year shipment decline in the second quarter of 2026, according to Counterpoint. The report noted that the company experienced weak demand across most key markets. Despite this, OnePlus will continue operations in China and sell Realme phones internationally, particularly in the Nordic region.