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 reports, negotiations with German Volkswagen and Vietnam Vingroup JSC on the possible sale of the smartphone business appear to have failed.
LG Electronics CEO Kwon Bong-seok (Kwon Bong-seok) said in January that for a loss-making business, all choices are on the table. LG said, “In the global market, competition in mobile services (including smartphones) is getting fiercer. We are now open to all possibilities and are thoroughly reviewing our future plans.”
It is reported that the company has stopped the development of a mobile phone with a scrollable display last month. “Dong-A Ilbo” said on Sunday that LG has shelved plans to launch all new smartphones in the first half of the year. “Dong-A Ilbo” stated that LG may share its decision on the fate of the business with employees as early as 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 originally intended to be released this month as an alternative to LG V60ThinQ and LG Velvet, but the person said that due to the uncertainty of the future of LG’s smartphone business, its release has been shelved indefinitely.
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