That is now almost confirmed LG could exit the smartphone market next week. The company has posted a net loss for the past six years, and it is very likely that LG will close its cellular space.
A new online report from the Korea Times reports that LG will confirm its exit from the smartphone market early next week.
Citing industry sources, the report found that the South Korean tech giant will make the official announcement on April 5 after the board meeting.
Initially, the company planned to sell the mobile communications business to the German Volkswagen AG and the Vietnamese Vingroup JSC. LG Electronics decided to shut down the unit after the failure of the sales negotiations.
On the flip side, Tron, an industry insider, announced that LG’s exit from the smartphone market could also mean the company will stop all software updates for existing phones.
In a series of tweets, Tron said that LG’s mobile staff will be assigned to the Changwon home appliance factory next week.
So if you own an LG Wing, Velvet, or any other smartphone from the company, chances are you won’t receive software updates in the future.
Earlier this year, The Korea Herald reported that LG plans to exit the smartphone business in 2021 after losing around $ 4.5 billion over the past five years.
LG Electronics CEO said in January that all options for loss-making operation were on the table. The company reportedly stopped developing phones with rollable displays last month.