LG Electronics Inc. might be on the verge of entirely shutting down its Mobile communication business instead of selling it after negotiations to sell the smartphone unit failed according to a source close to the matter.
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LG wowed us all at CES 2021 conference in January this year when it unveiled in a sci-fi video LG’s first concept smartphone with a scrolling screen, LG Rollable. We were hoping it would go on sale later this year but looks like things did not go according to plan. With the continuous loss in the smartphone division rumors have popped up regularly of LG selling its Smartphone business.
According to a report from DongA Ilbo Via Bloomberg, the South Korean tech giant’s plans on selling its mobile phone business have failed, with negotiations with Germany’s Volkswagen AG and Vietnam’s Vingroup JSC now being off the table. Earlier this year, the consumer electronics manufacturer’s CEO had stated that the company is considering all options for its loss.
LG’s smartphone business has suffered losses for 23 consecutive quarters since the second quarter of 2015. As of the fourth quarter of last year, the department’s accumulated losses reached 5 trillion (approximately US$4.43 billion).
LG is expected to reveal its decision for the mobile business unit next month after a board meeting, according to officials. LG was the world’s ninth-largest smartphone vendor with a market share of 2 percent after shipping 24.7 million smartphones last year, down 13 percent from a year earlier.
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