We first heard rumors that LG was considering exiting the smartphone business back in January. Two upcoming high profile phone projects have been reportedly canceled since then, as LG allegedly approached several customers to buy its smartphone division. While the company has yet to confirm these developments, top executives have made it clear that all options – close the deal or sell to another company – are on the table. Now a new report from its home market claims that LG is withdrawing from the phone business altogether and will make an official announcement on April 5th.
LG has reportedly started relocating its employees in the telephone department internally
According to a report by KoreaTimes, LG has reportedly entered a transition phase with employees moving from the smartphone space to other business areas. A company employee did not comment on the latest development, but did mention that the company will shortly make an announcement to “align its mobile communications business.”
“LG has considered several options, such as a sale, split sales or withdrawal from the smartphone business, but recently decided to get out of business,” industry said on Thursday. The company will make an official announcement on its website at its board meeting on April 5th.
Just a few weeks ago, we came across a report claiming that LG was in talks with the Vietnamese Vingroup to sell the phone business. However, another report from Korea earlier this month found that the company had failed to find a buyer after it partnered with Vingroup Co. and Volkswagen, forcing the company to close its telephone division. The only other option left on the table is to downsize the business.
LG Rollable is possibly the biggest casualty of LG’s smartphone exit.
If LG actually pulls out of the smartphone business, the biggest sacrifice would be the LG rollable phone with a sliding display. While reports continue to predict the phone’s termination, we’ve also heard rumors that the company pulled the plugs on its V60 ThinQ successor, which was set to debut as the flagship Android phone.
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I’ve been writing about consumer technology for over three years, having worked with names like NDTV and Beebom in the past. Leaving the latest news aside, I’ve checked out my fair share of devices that range from smartphones and laptops to smart home devices. I’ve also interviewed tech managers and appeared as a moderator on YouTube videos talking about the latest and greatest gadgets.