Unable to find buyer, LG considers to shut down its smartphone business

23/03/2021

After unable to keep up with changing trends in Smartphones Technology and lower sales for the last few years, South Korean Electronics Giant LG is thinking about shutting down its mobile business, the first choice was to sell off but they were unable to find any buyer with serious interest.

LG was one of the most popular smartphone brands, and for a few years, despite being innovating and trying new things like LG wing they were unable to bring in enough sales to make the mobile business profitable.

According to a report from Korea Herald in January, LG declared it was open to "all possibilities" for the mobile arm's future, including scaling it back or selling it. It is a decision the company must take, as it has been unprofitable since 2015, a record high of $4.4 billion in 2020 alone.

But despite all letting go of the mobile arm, LG had serious ambitions for 2021 for which they also premiered its new rollable phone tech at CES 2021. But DongA reported Sunday that LG has cancelled its plan to launch the rollable phones in the first half of 2021. LG also has been in talks with companies like Volkswagen and Vietnam’s Vingroup JSC for selling off their smartphone division, but these talks seemed to have failed.

It's a pretty big setback for the android ecosystem, as companies trying on new foldable screen tech, And despite having low sales LG is still a potential competitor with innovative phones like LG wing and Rolling Display Tech.