LG has strived to maintain fame in the competitive mobile market. As a result, the company is preparing to declare that it will shutter its smartphone business.
According to the latest news, LG will announce that it will pull out of the smartphone market on April 5 after losing to turn a profit past few years. LG has been in talks with several interested buyers, such as Vietnam’s Vingroup. However, it failed to reach an agreement with any of them.
LG Electronics has started a transition process to relocate its mobile communications workers to other business units.
The company has experienced operating losses since 2015. Although some truly innovative devices, LG hasn’t been capable of turning its mobile business around.
LG is working on new devices for 2021
In January, an LG spokesperson announced LG wasn’t shutting down its mobile business. Furthermore, reports revealed that LG was working on new devices for 2021. They even teased a rollable smartphone a few months back.
The LG Rollable was likely to offer a unique resizable screen capable of transforming.
In that case, if LG is shuttering its mobile business, it implies whatever it had planned for 2021 has been canceled. LG’s cut from the Android market would be a massive loss for the industry as it has come up with many great ideas. The company also helped create legendary phones like the Nexus 5 and Pixel 2 XL.
As we have already mentioned it isn’t the first time news about an apparent shutdown being on the cards and an April 5 announcement. Twitter account @FrontTron announced earlier this week, saying that workers could be reassigned to the home appliance division.
The Twitter user also declared that it would be unlikely that LG resumes rolling out software updates after the shutdown. Last week, a report from Korea also hinted at a shutdown, claiming that sale discussions dropped through.