For several weeks, we have been reporting on LG’s potential in exiting the smartphone business or at least putting things in minimal. The company on the other hand has been denying the claims on shutting down its smartphone division. Now, it seems that the company is looking at its last days for the said division.
In a recent report by Korean publication dongA, the company is meeting with certain companies such as Vingroup and Volkswagen to take over the smartphone business. However, the negotiations failed due to the fact that the asking price was too high.
This would then force the Korean company to shut down its smartphone business and would likely announce their decision to the employees in April. The employees on the other hand would be distributed to other LG divisions such as Household Appliances and Automotive. Other subsidiaries are included such as LG Energy Solution.
For its upcoming smartphones, everything will be placed on hold especially the successor of the LG V60, the Rainbow. As for the LG Rollable Phone, the project is still ongoing however it there is a small chance it would be launched commercially.
With its struggle financially, LG still was hopeful stating that they are open to “every possibility.” The announcement would be made probably internally first within the coming weeks and we can just wait on the decision if the smartphone division would live to see another day.
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