New Delhi: South Korean company LG Electronics is now preparing to exit the smartphone business and perhaps LG Mobile will soon be in the pages of the past. LG is now transferring its employees from the smartphone division to other units. According to the report, LG is looking for interested parties to buy its mobile phone venture, which is in a big loss after many years of loss. LG’s products remained in the market with a lot of new technology, but they could not be commercially successful in the face of the price war of cheap Chinese mobile companies.
The company will close the business instead of selling it
In a Bloomberg report last month, it was said that LG may soon shut down its mobile phone business rather than selling it. The company was reportedly in talks with Vietnam’s Vengroup JSC and German automotive giant Volkswagen AG to push sales of the mobile phone division. But clearly LG Mobiles’ cell was not caused by undisclosed issues. It is believed that in the last few months, the development of LG’s smartphones which were already part of the company’s plan.
Awaiting formal announcement from LG
Now, the decision has been clearly confirmed. A formal announcement from LG is just waiting. Until recently, Nokia and Blackberry were one of the earliest movers in the field of mobile phones, but Samsung and LG were also included as key market movers. As of today, BlackBerry is now discontinued, Nokia sells smartphones under parent company HMD Global, but has failed to regain the market share it used to be in the pre-smartphone era and now LG too History is ready to be made.
The company will close the smartphone division
Instead of playing high-specifications and low price games played by Chinese smartphone vendors, the LG company has always been at the forefront of bringing innovative ideas to smartphones. Some of its most notable smartphone efforts include the G Flex 2 in early 2015, the LG G5 model in 2016. But it is really unfortunate that this company is now going to close its smartphone division.
