Samsung Electronics Co. Ltd., the world’s largest smartphone maker by shipments, will build fewer models going forward to cut costs as competition rises from Chinese rivals, Financial Times reported, citing a company official who briefed investors at a New York conference on Monday.

The company would eliminate less popular models, reducing the total number by 25 percent to 30 percent, Robert Yi, Samsung’s senior vice-president said, according to the paper. This would allow Samsung to streamline the production of the more competitive smartphones and offer them at lower prices, he said.

Samsung was the only top-five smartphone maker to lose market share in the third quarter, research firm IDC noted in a release on Oct. 29. The company’s earnings for the period were its worst since 2011.

Hit by the popularity of Apple’s iPhone 6 models at the high end and models such as the Mi3 by China’s Xiaomi Inc. in the mid-range, Samsung has also decided to build a second manufacturing plant in Vietnam, where labor is cheaper than in China and the government offers a number of tax breaks.