South Korean company LG is preparing to shut down the smartphone business. Before exiting the mobile market, 60 per cent of the employees have said goodbye to the company. Another report claims that the company has shifted about 60 per cent of the employees to another business. According to the report, LG is exploring all the possibilities of shutting down the smartphone business.
The Korea Herald report claimed that LG CEO Kwon Bong-Seok sent an email to his employees asking for the smartphone business to shut down. In the last five years, LG has incurred a loss of $4.5 billion, or about Rs 32,856 crore and the figures are official. LG has taken this decision due to increasing competition in the smartphone market, the report claims.
LG is competing with the domestic company Samsung; apart from this, companies like Xiaomi, Oppo, Vivo, and OnePlus are in the budget smartphone market, although the CEO has clearly said that no employee will be fired.
A Twitter user named @FrontTon said a few days ago that LG had plans for 4000 employees of its mobile division to hand it over to its Changwon Home Appliance factory. The tweet also stated that LG Rollable would remain incomplete due to not having an agreed price to sell the device. So we should not expect a commercial version of the LG Rollable that was previously announced at CES 2021.
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