Mar 22, 2021 News
According to South Korea's ‘Dong-A Ilbo’ on March 21, citing an anonymous source in the electronics industry, LG Electronics may close its smartphone business instead of selling it. According to the report, negotiations with German Volkswagen and Vietnam Vingroup JSC on the smartphone business's possible sale appear to have failed.
LG Electronics CEO Kwon Bong-Seok (Kwon Bong-Seok) said in January that all choices are on the table 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 plans.’
It is reported that the company stopped the development of a mobile phone with a scrollable display last month. ‘Dong-A Ilbo,’ said on Sunday that LG had shelved plans to launch all-new smartphones in the first half of the year. ‘Dong-A Ilbo’ stated that LG might share its decision on the business's fate with employees as early as early April.
A person familiar with the matter previously revealed to the Korean media Chosun that LG and its cooperative operators decided not to continue the scheduled on-site test of LG Rainbow in late February. This high-end device was initially intended to be released this month as an alternative to LG V60ThinQ and LG Velvet. Still, the person said that due to the uncertainty of LG's smartphone business's future, its release had been shelved indefinitely.