LG Electronics stated that the company would stop production and sales of smartphones after several years of losses.
In 2013, the South Korean technology giant was the third largest mobile phone maker after Samsung and Apple.
In January 2021, LG announced that the company was considering all possibilities and tried, among other things, to sell the mobile division to Vingroup in Vietnam. The parties, however, did not agree on the terms of the sale. In the last six years, however, sales have weakened, and LG has lost an amount equivalent to 4.5 billion US dollars.
The smartphone business is the smallest of LG’s five divisions, just 7.4% of revenue. And its current global mobile phone market share is about 2%. Compared to its domestic competitor Samsung of 256 million, LG only sold 28 million phones in 2020.
