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Wednesday, June 29, 2022

LG could announce its withdrawal from the smartphone market

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The Korean manufacturer would have ended up deciding. It could stop the costs with its smartphone division which has been losing market share worldwide since 2015.

LG is reportedly preparing to shut down its smartphone  smartphone market division, according to the Korea Times. We knew that the group had been thinking about it for many months. He would have tried to sell his business without success, in particular to the Vietnamese company Vingroup. The CEO of LG had even expressed his doubts to his employees last January. However, the announcement is not official and requires confirmation.

Profitable on screens and appliances

LG is a chaebol present in all electronics and which keeps profitable portfolios like screens or appliances. The majority of affected employees should be reclassified.

The Korean manufacturer has suffered operating losses since 2015 and has shown itself unable to fight against the meteoric rise of its Chinese competitors. The global market slowdown and then the pandemic did the rest.

LG, however, continued, until recently, to present high-end smartphone concepts such as the Wing, with its swivel screen, or the LG Rollable, with an expandable mesh. In France, LG already no longer sold any smartphone market since 2019.





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