Samsung to end production of Galaxy Note 7 smartphone

Electronics giant Samsung has said it will permanently halt production and sales of its Galaxy Note 7 smartphone, after a plethora of issues surrounding the device's battery.

The South Korean firm has taken the drastic action of discontinuing its flagship product in a major blow to its ability to compete with Apple in the market.

Reports of overheating, fires and explosions with the device have plagued the device since launch, with the company issuing a global recall of 2.5m phones last month.

In a statement released on Tuesday, Samsung confirmed that it will not produce any more of the Note 7 phones.

"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.

Shares in the company fell 8% on Tuesday, clearing out around $17bn of its market value.

Consumers with a Note 7, whether original or replaced, have been told to switch them off immediately and return them to wherever the devices were originally purchased.