LG Looking to Shut down Its Smartphone Business in 2022

Post-obit the launch of three new smartphones in India recently, 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 close down its smartphone business organization rather than sell information technology. It has already stopped the evolution of its smartphone lineup and put a agree on the launch of future devices.

This is not surprising as we saw a written report dorsum in Jan that stated the same. As per the previous report, the CEO of the visitor sent out an internal memo to employees. In the memo, the CEO stated that, due to vehement competition in the smartphone business, they "need to make the best conclusion about [its] mobile phone business".

"Even considering the Korean and North American markets, where the LG Electronics smartphone concern remains, the global market place share is around 1%, so it is difficult to discover a heir-apparent to purchase at a high price," an manufacture official told Donga Ilbo.

At present, as per the written report, LG is about to take the final decision about its smartphone business every bit early as adjacent calendar month. Moreover, the Korean giant has already stopped the development of its upcoming smartphones, including the LG Rollable Phone that the company showcased at CES this very twelvemonth.

The report likewise states that LG was to launch the successor of the dual-screen LG Velvet which released in 2020 alongside the unique, T-shaped LG Wing. Equally a issue of the recent determination, all the same, the company volition not launch the device dubbed "LG Rainbow" this month, or in the coming months.

The company even tried to sell its unabridged mobile division or a part of information technology to Vietnamese Vingroup JSC and Federal republic of germany'south Volkswagen AG. The acquisition-talks, however, did non reportedly progress smoothly.

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