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South Korea’s LG Electronics will become the first major smartphone maker to pull out of the market following a decision to wind down its loss-making mobile division.
Last modified on Mon 5 Apr 2021 08.14 EDT South Korean electronics manufacturer LG has decided to wind down its mobile phones unit after admitting defeat in the global smartphone market. LG said on Monday it had made a “strategic decision to exit the incredibly competitive mobile phone sector” to focus on growing businesses such as supplying electric car parts. It will wind down its mobile phone business by 31 July, although it said it may continue to sell phones after that point. Users of LG phones will receive service support and software updates “for a period of time which will vary ...
South Korean electronic giant, LG Electronics Inc, has said that it will be closing down its loss-making mobile division after failing to find a buyer. This move by LG is set to make it the first major smartphone brand to completely withdraw from the market. According to a report from Reuters, this disclosure is contained in a statement issued by LG on Monday in Seoul. LG had said that its smartphone division has recorded total losses of about $4.5 billion in almost 6 years adding that shutting down that division would allow LG to focus on growth areas like electric vehicle components, connec...
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 ...
The bombshell announcement was approved earlier today by the Seoul-based firm's board of directors. LG is the first major smartphone manufacturer to pull out of the mobile sector after years of losses and struggling to grow its share of a saturated market. Resources and staff will be redistributed as part of a global reshuffle following its closure on July 31. LG says it will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG's smartphone division is the smallest of the company's five departments ...