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LG Looking to Shut down Its Smartphone Business: Report

Mar. 22, 2021

Following thelaunch of three new smartphones in Indiarecently, LG has now reportedly halted the development of its smartphone and intends to shutter down the department altogether. The company, as per recent reports, might shut down its smartphone business rather than sell it. It has already stopped the development of its smartphone lineup and put a hold on the launch of future devices.

This is not surprising as we sawa report back in Januarythat stated the same. As per the previous report, the CEO of the company sent out an internal memo to employees. In the memo, the CEO stated that, due to fierce competition in the smartphone business, they“need to make the best decision about [its] mobile phone business”.

“Even considering the Korean and North American markets, where the LG Electronics smartphone business remains, the global market share is around 1%, so it is difficult to find a buyer to buy at a high price,”an industry officialtoldDonga Ilbo.

Now, as per the report, LG is about to take the final decision about its smartphone business as early as next month. Moreover, the Korean giant has already stopped the development of its upcoming smartphones, including the LGRollable Phonethat the company showcased at CES this very year.

The company even tried to sell its entire mobile division or a part of it to Vietnamese Vingroup JSC and Germany’s Volkswagen AG. The acquisition-talks, however, did not reportedly progress smoothly.

Furthermore, the CEO’s memo from the previous report stated that no employee will lose their jobs in the company. Now, the recent report states that the company is looking to relocate the employees to the household appliances (H&A) division, automobile division, and LG Energy Solutions department, based on their qualifications and skillsets.

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