Article updated on April 5, 2021:
LG announced that it was closing its smartphone division in a statement. The company now wants “focus its resources on growth areas such as electric vehicle components, connected objects, smart homes, artificial intelligence and B2B solutions as well as platforms and services”.
LG has reportedly decided to withdraw from the mobility market. The Korean manufacturer has never managed to come out of the shadow of Samsung, nor has it succeeded in winning against Chinese manufacturers. As a result, after several difficult years, the decision would have been taken to limit the costs. The development of all new smartphones planned for the first half of the year has reportedly been put on hold.
A disappearance for lack of buyers?
The Korean Times explains that after looking for buyers, the decision was made to end the activity: “ After suffering operating losses since 2015, LG recently attempted to sell its mobile communications unit, which oversees the smartphone business. The company reportedly held negotiations with various interested buyers, including Vietnamese Vingroup, but failed to reach an agreement with any of them.“.
The information has not yet been confirmed, but Bloomberg is also raising this possibility, as is Korean media DongA. Last January, the CEO of LG Electronics also explained that all the options were on the table… The astonishing LG Wing with its rotating screen perhaps represented its swan song, a future collector if this is confirmed.