Since last year, rumors have been swirling that Sony will be selling or shutting down its mobile business. Now, the CEO of Sony Mobile, Hiroki Totoki, has shut down all the rumors.

In an interview with Arabian Business, Totoki proclaimed that the company “will never ever sell or exit from the current mobile business.” He further stated that the consideration of exiting the smartphone business was mainly based on the loss the company suffered the previous year.

Totoki thinks the Sony Mobile business will greatly improve in 2016. In the meantime, he says, the company will be cutting costs by 30 percent by the end of 2016, partly by downsizing its staff by 20 percent.

After Sony sold off its VAIO PC business in 2014, the rumor mill started speculating that the Japanese tech company is also considering selling its mobile business. In the recent past, Kazuo Hirai, president and CEO of Sony Corporation, had also hinted that the company might sell its struggling smartphone business, claims Phone Arena.

So far this year, Sony has released smartphones like Xperia Z4 (for Japanese market), Xperia Z3+, Xperia M4 Aqua, Xperia C4 and Xperia E4 and the Xperia Z4V. In the near future, it plans to upgrade features like the camera, the display and the sound quality, he added.