LG to completely exit from the Mobile business
LG entered India way back in early 2000 in the Indian market when India was a happening place for mobile phones. While they were present in the Indian market but they never enjoyed a great market share. LG has now decided to shut their mobile unit operations as the unit was making continuous losses.
On Monday, LG, the South Korean Company gave a statement saying that that the decision to shut its loss-making mobile division will enable it to focus “resources in growth areas.” These growth areas includes electric vehicle components, connected devices, smart home products, robotics, artificial intelligence, and business-to-business solutions among other products and services.
The existing LG phones, such as the Wing, Velvet, Q-series, W-series, and K-series, will continue to sell until the inventory exists. According to the reports, LG also said that it will provide support software’s for the existing phones that people are using which may vary from their location. Though the company has decided to wind up its mobile phone business by 31st July 2021, some existing phones may still continue to be available after that.
LG’s decision to quit the mobile phone industry is not surprising as there have been multiple rumours doing rounds since early January 2021 when LG CEO confirmed that the company is seriously considering to close its mobile phone business, which has been steadily making losses.