It looks like LG is not looking up in its mobile division. 2020 has been a tough year for its launches and it doesn’t look like 2021 will be any better. According to some sources, LG has been working on a mid / high-end device for a short time and also a foldable one. The news arriving today is not very encouraging and does not speak of devices, but of the closure of the division. Yes, LG may be considering shutting down its smartphone business to stop losing money and focus on other niche markets where you have a piece of cake.
LG looked for a buyer and couldn’t find it
Information from South Korea tells us that LG is looking for a buyer for its mobile division. The result was not good, as no company wanted to pay the price that LG put on its patents and its smartphone business. We do not know the figures, but we are surely talking about a few hundred or even thousands of millions of dollars.
The company was talking seriously with Vingroup, a conglomerate of Vietnamese companies which already bought the Spanish company BQ a few years ago. It seems that the negotiations were not successful and the sale was rejected. After several months, the company I would have stopped looking for a buyer.
What the text we read in Pocketnow tells us is that LG You may be thinking about going out of mobile business and closing the doors of the division. We cannot get our hands on the fire, but it is very likely that at present LG is losing large sums of money to keep your mobile business active.
The LG’s sales in major markets are virtually nil. Do you know anyone who has a LG mobile Last year? Probably not, and this is the company’s main problem: It doesn’t sell cellphones, and its launches end up being very expensive.
LG could Stop Selling Mobiles Very Soon
Indeed, the situation allows us to foresee a very dark near future for the company. It is very difficult for LG to get users’ interest to a point where things can go well for them. mobile division.
Last year, a business executive said all possibilities were on the table for sell, close or reduce the level of activity of its mobile division. Now that we know that the sale will not be viable because it does not have a buyer, it seems that there is only one way out.
I am Bhumi Shah, a highly skilled digital marketer with over 11 years of experience in digital marketing and content writing in the tech industry.