According to the latest reports, sources revealed that LG Electronics may close its smartphone business instead of selling it. According to reports, negotiations with German Volkswagen and Vietnam Vingroup JSC on the possible sale of the smartphone business appear to have failed. In other words, LG did not find a suitable next home to take over its mobile phone business, and in desperation, it had no choice but to close it.
Prior to this, LG Electronics CEO Quan Bangxi said in January that the company had considered all options for a loss-making business. LG said, “In the global market, competition in mobile services (including smart phones) is getting fiercer. We are now open to all possibilities and are thoroughly reviewing our future plans.” According to reports, LG has shelved plans to launch all-new smartphones in the first half of the year.
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LG may share its decision on the fate of the business with employees as early as April. In the past, LG also reorganized its mobile phone business. In 2019, LG outsourced the production of its mid-and low-end smartphone business. It has given up on the mobile phone business, but could not find a suitable buyer to take over. . But by 2021, the market structure has undergone some changes, but LG’s mobile phone business has not recovered.
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