LG Looking to Shut Down Smartphone Business After Failing to Find a Buyer
LG is looking to close down its entire smartphone division after failing to find a buyer for the ailing section of its business, according to the Korea Herald.
![LG Rollable](https://images.macrumors.com/t/c7PEh9YfwLPL1chITCLEtno6r3w=/400x0/article-new/2021/03/LG-Rollable.jpg?lossy)
In January, LG announced that it was considering options for an exit from the smartphone industry, "including sale, withdrawal and downsizing." Though LG was once the world's third-largest smartphone maker and a sizeable competitor to Apple in the industry, the company's smartphone business has seen declining shipments and accrued losses of $4.5 billion over the past five years, leading to the need for an urgent re-evaluation of the division.
LG reportedly entered talks with Vietnam's Vingroup and automaker Volkswagen about purchasing the company's smartphone business, but negotiations did not lead to an agreement. Although the decision has yet to be confirmed, industry insiders report that LG is now likely to shut down its smartphone business instead of selling it. A source speaking to the Korea Herald explained:
LG reportedly had talks with others over the sale of the unit but apparently there was not much progress in their negotiations. It seems that selling its entire mobile business appears to be difficult at this moment, as is the partial sale of the unit.
With LG's internal restructuring plan now reaching its conclusion and no buyer having been found, the company is said to be leaning toward cutting its losses by closing the smartphone division fully.
LG's recently announced smartphone projects, such as "Rainbow" and "Rollable," are believed to have been scrapped, as the company looks to utilize its existing mobile workforce elsewhere in the business, such as the vehicle component solutions division.
LG is expected to publicize the decision about its smartphone business unit next month after a board meeting.
Popular Stories
Following nearly two years of rumors about a fourth-generation iPhone SE, The Information today reported that Apple suppliers are finally planning to begin ramping up mass production of the device in October of this year. If accurate, that timeframe would mean that the next iPhone SE would not be announced alongside the iPhone 16 series in September, as expected. Instead, the report...
Key details about the overall specifications of the iPhone 17 lineup have been shared by the leaker known as "Ice Universe," clarifying several important aspects of next year's devices. Reports in recent months have converged in agreement that Apple will discontinue the "Plus" iPhone model in 2025 while introducing an all-new iPhone 17 "Slim" model as an even more high-end option sitting...
Apple supply chain analyst Ming-Chi Kuo today shared alleged specifications for a new ultra-thin iPhone 17 model rumored to launch next year. Kuo expects the device to be equipped with a 6.6-inch display with a current-size Dynamic Island, a standard A19 chip rather than an A19 Pro chip, a single rear camera, and an Apple-designed 5G chip. He also expects the device to have a...
Apple typically releases its new iPhone series around mid-September, which means we are about two months out from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design differences and new features to take into account. To bring ...
Apple’s iCloud Private Relay service is down for some users, according to Apple’s System Status page. Apple says that the iCloud Private Relay service may be slow or unavailable. The outage started at 2:34 p.m. Eastern Time, but it does not appear to be affecting all iCloud users. Some impacted users are unable to browse the web without turning iCloud Private Relay off, while others are...