LG may shut down its smartphone business: Here’s what’s happening
- LG may be planning to shut down its smartphone business.
- According to a new report, the company’s attempts to sell its smartphone division have been unsuccessful.
- LG could communicate its final decision to employees by next month.
LG Electronics could resort to shutting down its smartphone business, the Korean news agency DongA Ilbo Report about Bloomberg).
The company is said to have spoken to the Vietnamese Vingroup JSC and the German Volkswagen AG about the sale of its smartphone division. However, these negotiations seem to have failed.
The latest report also claims that LG has postponed plans to launch new smartphones, including the device known as the LG Rainbow and the LG rollable phone.
This isn’t the first time we’ve heard of LG’s fluctuating launch plans for the phones to come. A few weeks ago South Korea Chosun Outlet reported that LG’s upcoming V60 successor, also known as Rainbow, has been discontinued indefinitely. The fate of the rollable phone has also been undecided for some time, though it was recently listed on the Bluetooth SIG.
Still, it is reported that LG could share its final decision on its loss-making smartphone business with employees as early as next month. It is anticipated that the company will relocate its workforce to other business areas such as home appliances and auto parts.
Even so, LG has not officially recognized the above report. For all we know, the company could just go ahead and close the sale it was hoping for. We will keep track of all developments related to LG’s phone business and will bring you up to date when we hear anything specific.
