According to the report, negotiations with Volkswagen of Germany and vingroup JSC of Vietnam on the possible sale of the smartphone business seem to have failed. That is to say, LG did not find the right home to take over their mobile phone business, but under the helpless, can only shut down.
Earlier, LG Electronics CEO Quan bonxi said in January that the company had considered all options for the loss making business. LG said, “in the global market, competition in mobile services (including smartphones) is becoming more and more fierce. We are now open to all possibilities and are thoroughly reviewing our plans for the future. ” LG has reportedly shelved plans to launch all new smartphones in the first half of the year.
LG may share its decision on the fate of the business with its employees as soon as early April. Once, LG also reorganized its mobile phone business. In 2019, LG outsourced the production of its low-end smartphone business, and gave up its mobile phone business, but could not find the right buyer to take over. But by 2021, the market pattern has changed a little, but LG’s mobile phone business has not recovered.
article links：LG Electronics may shut down its smartphone business
Reprint indicated source：Spark Global Limited information