Image source: Counterpoint Research
No LG Rollable phones!!
All the rumors and reports coming from Korea were spot on as the tech company LG Electronics Inc. has officially confirmed that they are shutting their mobile business. LG’s statement on the decision read that stepping away from phone manufacturing and sales will enable LG to focus on the growth of areas such as EVs, smart homes, robotics, AI, and business-to-business solutions.
The decision is not out of the blue as the losses were counting to mount as both Velvet and Wing device of LG failed to gain love and attention from the public. With billions of dollars wasted on making dual display smartphones and innovation of rollable display, LG not being able to capture the smartphone market dominated by companies like Apple and Samsung has made the company put curtains over their smartphone business. As of December of 2020 the Korean electronics company had a global phone market share of just 1.7%.
The current phone inventory of LG will still remain for sale according to the company and all the existing devices of LG will continue to receive after-sale support and software updates but only for a period of time even which will vary according to the region. LG expects the wind-down of their phone business to be completed by July 31 but the inventory of some existing models might be available even after that.
Image source: Top Tech News
In a statement, the vision of the company moving forward is to continue its leverage on mobile expertise and develop mobility-related technologies such as 6G to help strengthen its competitiveness in other business areas.
LG did try to stay on the smartphone by bringing in devices like LG wing and also promising smartphones with rollable displays. It was also reported in a Korean newspaper Dong-A that LG failed to sell their business to Vingroup JCS of Vietnam and Germany’s Volkswagen AG. LG now joins the list of high-profile device makers to give up on the smartphone market over the years.
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