There are many interesting smartphones offered by companies from all over the world and one such company is LG. However, South Korean company decided that it wants to quit the smartphone business. Hopefully, existing phones will remain on sale. The company will continue to support its products for a period of time which varies by region.
It is important to understand why the company decided to quit the smartphone business. Thanks to this decision, the company will able to focus resources in growth areas such as electric vehicle components, connected devices, etc.
LG was struggling to keep its smartphone business afloat for a long period of time, despite the division’s huge losses. It was all but impossible to sustain this business for another couple of years. The company expects to close this business by the end of July this year.
There are many interesting models and LG’s recent high-end smartphones struggled to compete with them. Moreover, its more affordable handsets faced stiff competition from Chinese rivals. Despite all challenges, LG hoped to make its smartphone division profitable in 2021.
LG’s smartphones business and latest projects
LG was trying to develop powerful and unusual smartphones. It released a series of eye-catching devices with unusual form factors. There was the LG Wing, the main display of this model rotated to reveal a smaller secondary screen beneath it. The South Korean also offered dual-screen devices. LG also developed a modular smartphone G5, but the company abandoned that project.
The South Korean company is not alone as other companies also struggled to compete with more popular competitors. A good example is Nokia, as Nokia’s consumer-facing brand lives on atop handsets made by HMD. The company made the right decision when it decided to close its smartphone business as it was very hard, if not impossible to deal with problems.
- Trading Instrument