LG aka life is good officially becomes first major android smartphone brand to stop production of mobiles due to major Losses.
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| Lg backs out of mobile phones production due to losses |
Off Course the rumours were correct, LG is actually shutting down its mobile business. With much losses, and billions of dollars seemingly wasted on its quirky handsets, the Big Brothers of electronics has officially thrown in the towel on its struggling Phone partitions. In its statement, “Moving forward, LG will continue to consolidate all its mobile expertise and develop its mobility-related technologies including its 6G to help to strengthen competitiveness in other business aspects.”
LG has said that its current phone productions would still be available for sale, and that all its existing devices would continue to receive its usual after-sale support and its software updates “for a period of time which will differ by region.” The company expects to complete its winding down of its mobile business by the end of the month of July, although it stated that some LG phones may continue to be sold after the indicated date.
Regardless of efforts by its CEO’s pledge to turn around all its wellbeing by 2021, both LG’s Velvet and Wing devices had failed to achieve adhesion with the public. The enticement of its dual-screen phones of course wasn’t enough to compel consumers to part ways with Superior players Apple and Samsung. While the list of affordable Premiers from likes of OnePlus and Xiaomi continued to chip away at what remained of the market share
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| Lg stops mobile phone production |
“LG brand’s exit from the mobile space seems to be disappointing to some but we are in an industry where supporting and doing what’s in the best interest of the employees and the shareholders is also very important,” The LG head of global corporate communications Mr. Ken Hong told Engadget. “As other adored phone brands have displayed before us, it’s a game of numbers and not a popularity contest.”
LG’s had fully stated
“LG Electronics Inc. (LG) 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 amazingly competitive mobile sector will help the company to focus resources in development areas including its electric vehicle components, robotics, connected device, artificial intelligence and business-to-business solutions, as well as platforms and services.
The closure of the mobile phone business is expected to be completed by July 31, although the products of some existing models may definitely still be in store after that.
Edited by: Xavier – Facebook