LG has announced that it will have to shut down its smartphone business after losing money.
The South Korean tech giant has lost around $ 4.5 billion (£ 3.3 billion) in the past six years trying to stay relevant in the competitive phone industry.
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LG won’t be releasing any new smartphonesPhoto credit: Rex
LG said in a statement, “LG’s strategic decision to exit the incredibly competitive wireless sector will allow the company to focus resources on growth areas such as electric vehicle components, connected devices, smart homes, robotics and artificial intelligence.”
The company unveiled its highly anticipated rollable smartphone at CES 2021 earlier this year.
It was even the third largest smartphone manufacturer in the world in 2013 and is still the third most popular in North America.
However, the bosses blamed the “incredibly competitive” phone market for the company’s demise.
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LG cell phones can still be bought for the time beingImage credit: AP
We won’t see the LG Rollable or any of its other rumors hit the market right now as the entire LG Smartphones business unit will shut down.
In 2020, LG shipped 28 million smartphones, while rival Samsung reportedly shipped over 250 million.
However, this isn’t the end of LG as a tech brand.
It is the second best TV brand in the world and a strong competitor to Samsung in this area.
LG will continue to sell and manufacture home appliances and work on its joint venture with Magna International to manufacture electric car parts.
There are also plans to work on a 6G network.
What will happen to LG cell phone owners?
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The LG Rollable was introduced in early 2021 but is not expected to be releasedPhoto credit: LG
If you are using an LG smartphone, don’t panic.
The company will continue to provide software updates and support to existing customers for varying periods of time depending on the customer’s location.
We asked LG for more clarity.
LG will not develop or launch any new smartphones, but some of the current LG phones will still be available.
As long as LG continues to sell phones, it should continue to provide customer support.
Things are not expected to fully unwind by July 31st.
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Apple may be preparing to launch a range of new devices in a few days.
And Samsung has launched a “try before you buy” program for its most expensive phones to date.
Do you have a LG cell phone? Let us know in the comments …
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