Production ended for Swedish-made Hagströms in 1983 as the company were outpriced by other major guitar brands that had moved their stock production lines to Asia. Hagström did make some Japanese prototypes; however, they were not pleased with the workmanship and would rather close down the company than cheapen the brand. The interest in the original Hagström brand still has a cult following around the world and a Hagström Festival takes place in Älvdalen, Sweden around the first week of June every year since 2006.