LG Might Be Selling Its Entire Smartphone Business
At the Consumer Electronics Show 2021, LG unveiled its first-ever Rollable Smartphone, which definitely rolled some eyes. The company said that the Rollable phone will be mass-produced.
Fast forward a few weeks and allegation suggest that LG needed to suspend the research and development of its rollable phone. Reports suggested that it was due to the fact that LG was selling its smartphone business.
Now LG has come forward to deny the rumours and says they will go ahead with their rollable smartphone. According to a report by The Verge, LG insiders have confirmed that the project hasn’t been halted. A company spokesperson confirmed the same.
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Having said that, the company is considering exiting the smartphone industry internally. However, they haven’t decided on the same yet.
The Korean company earned itself a name in the global smartphone market way back in 2008, with the launch of the “Chocolate” series, making it immensely popular.
But as Chinese manufacturers flooded the market with cheap offerings, LG’s business went down. For the last 23 quarters, the company has been reporting a loss. In the last quarter of 2020, the company reached losses amounting to approximately $4.5 billion.
Is LG really selling its smartphone business?
According to various sources, LG Electronics did indeed try to sell its smartphone factory to a Vietnamese company called Vingroup. The company couldn’t settle on the price Vingroup offered, resulting in failed negotiations. The Korean manufacturer is going ahead and selling its Brazil and Vietnam based factories, stating they want to focus on other areas such as electronics.
This is of course the right move considering the fact that LG’s smartphone division is recording poor sales figures in recent years. They are still looking for new buyers after the deal with Vingroup couldn’t be made.
What are your thoughts on LG selling its smartphone business? Let us know in the comment section below!
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