The South Korean electronics giant has announced that it will no longer be making phones.
LG smartphones are shutting down as the company focuses on other areas of the electronics market and leaves the losses associated with its handsets in the past.
These mobile phones once rivaled iPhones in popularity and reputation.
As popular as they once were, in recent years, LG smartphones have brought nothing but losses. The electronics giant has officially decided that enough is enough and has brought the struggle of its phone division to an end. Just like Blackberry, LG’s mobile phones were once considered to be among the most desirable. That time, it seems, has come to a solid end.
“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,” read an official statement released by the company.
For the moment, existing inventory of LG smartphones continues to sell, and it will still support its devices.
The company explained that while inventory exists, the phones will continue to be available for purchase. Moreover, existing devices will still be receiving software updates and the after-sale support that customers expected at purchase. That support and the updates will continue “for a period of time which will vary by region.”
Technology Quotes That Invite Thought -
The company expects that it will have entirely wound down its mobile phone business by the close of July 2021. That said, it said that some of its phones may still continue to be available for sale after that time, as long as inventory exists.
Last year, LG’s CEO was determined to turn its mobile phone situation around. However, despite the company’s efforts and commitment, the Wing and Velvet devices simply didn’t take off among consumers. Moreover, the promise of rollable displays and the appeal of dual-screen phones just wasn’t enough to pull shoppers away from Samsung and Apple.
The struggle for LG smartphones became problematic as Xiaomi, OnePlus and other players in the market started offering flagship products at notably more affordable prices. This gradually ate away at the South Korean electronics company’s market share until it was no longer profitable, and then faced only growing losses.