If a Sunday report from a South Korean news site is to be believed, LG will apparently be closing its phone division.
And the electronics company won’t be selling its phone business either, according to DongA. Sources of the news site claim LG talked to potential buyers such as the Vietnamese conglomerate Vingroup and German car manufacturer Volkswagen, but no deal has been reached.
Reports of LG’s exit from the mobile market first appeared in January, even though LG just showed off its new exciting rollable phone at CES 2021. Amid fierce competition, LG reported that it only managed to get one percent of the global market share, which is dominated by Apple and Samsung.
DongA further reported that LG has been losing money for the last five years, with a total of $4.4 billion in losses. The report also claims LG will no longer launch any rollable phones in the first half of 2021.