LG smartphone business has shut down due to huge losses
South Korea's LG Electronics will be the first leading smartphone brand that has withdrawn its products from the market due to the losses.
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FollowAs per the reports, they will be focussing on electric vehicle components, smart homes and connected devices. On Monday, they declared their decision. This will affect their share in North America by 10% as it was on No. 3 position. Apple and Samsung Electronics will take up the place.
In previous times, LG was a brand that came with innovating cell phones with wide-angle cameras. And on 2013, it became the third-largest smartphone manufacturer after Apple and Samsung. But now, it has only a 2 per cent share in the global market. Last year they shipped only 23 million smartphones in comparison to 256 million smartphones of Samsung.
Apart from North America, LG stands in No. 5 position in Latin America. LG's smartphone revenue is expected to get affected by July 31, so they have decided to withdraw their mobile phones.
The employees will be transferred to other departments of LG Electronics businesses or at any local level. According to reports, LG will provide software update and services to customers who are already using their smartphones for a period of time. They were thinking of selling a part of their business to Vietnam's Vingroup, but that fell apart too, as mentioned by a source.
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