The company also tried to sell only parts of its business, but nothing worked, and finally, the only solution was to completely dissolve the business.
According to this information, the LG has been negotiating a possible sale with several potential buyers, including Vietnam-based Vingroup, but has been unable to proceed with the sale to any of them. The company also tried to sell only parts of its business, but nothing worked, and finally, the only solution was to completely dissolve the business.
The fate of the mobile division of LG it’s really no surprise. For years, the company has been losing money on its equipment every quarter, even when its other divisions have grown significantly.The smartphone market has become increasingly competitive over the years. years, with a large number of brands entering the fight, including many focused on making products increasingly accessible, and the LG never managed to keep up.
By 2020, there was already a noticeable change in the strategy of LG, insofar as it tried to reverse the situation. Instead of focusing on top-of-the-range equipment, the LG launched more affordable phones with premium designs like the LG Velvet, Or totally new form factors, such as the LG WingThe change, however, was not enough and continued to post losses until the end of 2020.
A LG declined to comment on the possibility of a permanent abandonment, stating that all possibilities are still open. However, sources say an announcement will be made on April 5 at the company’s board meeting.
A likely drop in this dropout will be the scrollable phone LGWhich was revealed at CES 2021. Shortly after being shown, LG said it planned to launch the phone within a year, but with its smartphone business hanging by a thread, it was reasonable to expect that it wouldn’t.
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