LG Electronics says it will end production and sales of its loss-making smartphone division
SEOUL: South Korea 's LG Electronics said on Monday (Apr 5) it will end production and sales of its loss-making smartphone division. LG had ...
BookmarkSEOUL: South Korea's LG Electronics said on Monday (Apr 5) it will end production and sales of its loss-making smartphone division.LG had announced in January it was considering all options for the business after logging nearly six years of losses totalling some US$4.5 billion.
AdvertisementAdvertisementTalks to sell part of the business to Vietnam's Vingroup fell through due to differences about terms, sources with knowledge of the matter have said.Early to market with a number of cell phone innovations including ultra-wide angle cameras, LG rose to become the world's third-largest smartphone manufacturer in the first half of 2013 behind Samsung Electronics and Apple.
But later, its flagship models suffered from both software and hardware mishaps which combined with slower software updates saw the brand steadily slip in favour. Analysts have also criticised the company for lack of expertise in marketing compared to Chinese rivals. headtopics.com
While LG currently ranks as the No 3 brand in North America and No 5 in Latin America by market share, globally its share is only about 2 per cent. It shipped 23 million phones last year which compares with 256 million for Samsung, according to research provider Counterpoint.
AdvertisementAdvertisementThe division is the smallest of LG's five divisions, accounting for just 7.4 per cent of revenue in the fourth quarter.LG is expected to hold onto its mobile technology for use in its home appliances business and its burgeoning vehicle components business. Late last year it launched a joint venture with automotive supplier Magna International that will make key components for electric cars.Read more: CNA »
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As someone currently using an LG phone....I completely support this decision. Continue selling Velvet, V60tq, & Wing please. Sad. I Want I like LG V70TQ, V60Wing velvet
LG Electronics fans bemoan end of era as firm exits smartphone businessFans of LG Electronics smartphones rued the loss of more affordable Android-based devices after the South Korea n tech company said on Monday it ...
South Korea's LG becomes first major smartphone brand to withdraw from market
South Korea's LG becomes first major smartphone brand to withdraw from marketSEOUL: South Korea 's LG Electronics will wind down its loss-making mobile division after failing to find a buyer, a move that is set to make it ... That's too regretful. Well it isn't a very reliable nor aesthetically beautiful phone anyway