I don't think there's a single major shareholder in Nokia that would want Nokia to invest in phone making in any kind of meaningful way. Stock would take a nose dive if they did.

Siilasmaa also said that they could see return on manufacturing, but only if they had something disruptive in their hands. I don't think the group of people that were in Maemo project or now near bankrupt Jolla have shown capacity to create anything disruptive. Niche product "solving" something very small amount of people care.

Nokia probably has enough to digest with swallowing Alcatel-Lucent for the next 12 months anyways.