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LG Electronics winds down mobile phone businesses

LG Electronics Inc to wind down loss-making mobile division after failing to find a buyer

Reuters   |   Seoul   |   Published 06.04.21, 12:56 AM South Korea’s LG Electronics Inc will wind down its loss-making mobile division after failing to find a buyer, a move that is set to make it the first major smartphone brand to completely withdraw from the market. Its decision to pull out will leave its 10 per cent share in North America, where it is the No. 3 brand, to be gobbled up by Samsung Electronics and Apple Inc with its domestic rival expected to have the edge. “In the United States, LG has targeted mid-priced if not ultra-low models and that means Samsung, which has more mid-priced product lines than Apple, will be better able to attract LG users,” said Ko Eui-young, an analyst at Hi Investment Securities.

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