After nearly six years of losses totaling $4.5 billion, LG announced in January that it was exploring all options for the company. LG Electronics officially confirmed that it would cease production and sales of its loss-making smartphone division.
LG Electronics to close its Smartphone Business
LG announced the closing of its mobile business in a public release, saying that it will no longer manufacture or sell new smartphones. The company’s board of directors accepted the decision on Monday, citing the division’s long recession and fierce competition. LG’s smartphone division has been losing money since the second quarter of 2015. In the year 2020, the mobile division lost $751 million (USD).
The fate of the company’s first rollable handset, which has been in the works for a long time, is unknown. In terms of current production, the manufacturer stated that existing units will be available for purchase, and that service and software support will be available for a limited period depending on the region. The company’s smartphone business is scheduled to close down by July 31, 2021, although existing smartphone inventory may still be active after that date.
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