South Korean tech company LG has announced the closure of its mobile business unit. The company says that with the closure of the mobile phone business unit, the company will focus on areas such as electric vehicle components, artificial intelligence, connected devices, smart homes, business-to-business solutions. LG will now make smartphones available in the market to eliminate its stock. Apart from this, the company will also issue service support and software updates to customers for a period.
Will be completely closed by 31 July
If LG believes that by July 31 this year, the entire work of closing the mobile phone business can be done. Even after July 31, some smartphones in stock may remain available. According to media reports, LG has already transferred some of its employees from the phone division to the business unit.
There is no talk with these companies
LG Electronics spoke with Google, Facebook, Volkswagen and Vietnam’s Bean Group before shutting down the mobile business, but LG could not negotiate with any company and ultimately the company decided to shut down its mobile business unit is.
There was a continuous loss
LG’s decision to close the mobile business unit was because the company had been incurring losses for 23 consecutive quarters since the second quarter of 2015. In the fourth quarter of last year, the company had $ 4.4 billion. According to the report, LG shipped a total of 6.5 million units last year and the global share of the company stood at two percent in the third quarter of the year 2020 itself.
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