Earlier, there was news about LG shutting down the mobile business due to heavy losses. Once top Korean smartphone innovator that had a big share in the smartphone market is going down. LG shuts down the mobile business division now and it’s confirmed officially now. They were struggling with the smartphone business and was facing heavy losses.
LG has recorded losses of over 4.5 billion dollars over the last five years of their smartphone business. The smartphone was clearly way better than others. But the price they were launched initially was way way too much. After that insane pricing, they were just selling at almost 40% of that price after a month of launch. They even lacked in marketing their smartphones. The products were great but the pricing and marketing they used, dragged them down.
LG Shuts Down Mobile Business
So, now LG shuts down Mobile business. If you have the LG Smartphone you should know what’s going to happen to your smartphones. The aftersales support will be available for some period of time. Also, the software updates will be available for LG smartphones. LG will wind up the smartphone division till July. Still, the smartphones available already in the inventory will be available for sale.
Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas.LG statement
Moving towards the updates the LG G8X and few other smartphones are expected to receive Android 11 update. Also, there is some news that newer released flagship devices will receive the Android 12 update too. Its good news and for the LG users who just bought the smartphones. Its sad to see the big player go, still LG seems to be dug its own grave.
Earlier, LG wing and other releases promised for the return but it didn’t gain any attention. The pricing and marketing were one of the main problems for the LG smartphones for the failures. Below is the full statement released by LG for the farewell.
LG Electronics Inc. announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today.
LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.
Current LG phone inventory will continue to be available for sale. LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.
Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas. Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products.
The wind-down of the mobile phone business is expected to be completed by July 31, although the inventory of some existing models may still be available after that.
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