LG Electronics: There is bad news for mobile users of the well-known South Korean company LG Electronics (LG). LG is now going to shut down the smartphone business. According to media reports, the LG Board of Directors had already given permission to shut down the mobile phone business. The company was suffering in the smartphone business, after which this decision has been taken. LG is now transferring its employees from the smartphone division to other units. It is believed that LG is focusing on strengthening its other business.
Focus on growth area
Please tell that LG’s products remained in the market with very new technology, but they could not be commercially successful in front of the price war of cheap Chinese mobile companies. LG’s focus is on strengthening the business from which growth is coming. These include electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business to business.
Work closely with Business Partners
According to the report, the current LG phone inventory will be available for sale. LG will periodically provide service support and software updates for customers of existing mobile products which will vary by region. LG will work closely with suppliers and business partners during the closure of the mobile phone business. Details related to employment will be determined at the local level.
Process can be completed by 31 July
Going forward according to the report, LG will continue to leverage its mobile expertise. The company will help develop mobility-related technology such as 6G, so as to further strengthen competition in other business areas. The core technologies developed during two decades of LG’s mobile business operations will also be retained and applied to existing and future products. The process of shutting down the mobile phone business is expected to be completed by 31 July. However, the list of some existing models may be available even after that.
Decision to close rather than sell the business
In a recent Bloomberg report it was said that LG may soon shut down its mobile phone business rather than selling it. It is believed that in the last few months, the development of LG’s smartphones which were already part of the company’s plan.
Get Business News in Hindi, latest India News in Hindi, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.