LG could exit the smartphone market for good in 2021

South Korean manufacturer LG is reportedly planning to withdraw from the telephony market this year. After a 2020 financial year made complicated by the global pandemic, the South Korea-based company should refocus on other products.

LG stopped selling mobile phones in France, but the brand continued in other countries such as the United States and Germany. Despite everything, the smartphone division seems to be experiencing financial difficulties following a very complicated previous year for the firm. According to information from The Verge, there are even plans to stop producing phones from 2021.

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LG caught off guard by competition from Huawei, Samsung and Vivo

According to information from the American website, the Asian firm has suffered a loss of around 4.5 billion dollars in recent years. So much so that CEO Kwon-Bong Seok has announced that he is making big changes to the smartphone part of his business. At present, no decision has been taken by the LG leader. The ambition is to find a solution for the manufacturer which does not seem to find its place at present on the telephone market. For the moment, leaving the telephony market does not seem to be taken into account.

According to the latest analysis reports, the Asian brand is losing more and more value. The trend does not seem to have been reversed. Manufacturers like Xiaomi, Apple, Samsung and even vivo have a much more positive dynamic. These names should even dominate the market in 2021. However, LG continues to innovate as the brand proves at the end of this CES 2021. It presented the Rollable, a smartphone with a roll-up screen that is capable of s ‘roll up on itself to turn into a tablet.

Source: The Verge