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LG can shut down its smartphone business: Here’s what’s happening

LG V60 logo and camera macro 2

  • LG may be planning to close down its smartphone business.
  • A new report suggests that the company’s attempt to sell the smartphone division has failed.
  • LG can communicate the final decision to the employees within the next month.

LG Electronics may resort to shutting down its smartphone business, Korean News Agency DongA Ilbo reports (via Bloomberg).

The company was said to be in talks with Vietnam’s Vingroup JSC and Germany’s Volkswagen AG to sell the smartphone division. However, it seems that these negotiations have gone through.

The latest report also claims that LG has made plans to launch new smartphones, including the device called LG Rainbow and LG mobile phone.

This is not the first time we hear about LG’s shaky launch plans for its upcoming phones. A few weeks ago, South Korea Chosun outlet reported that LG’s upcoming V60 successor, aka Rainbow, has been set indefinitely. The fate of the mobile phone has also been decided for a while, although it was recently listed on Bluetooth SIG.

Nevertheless, it is reported that LG may share its final decision on its loss-making smartphone business with employees as soon as next month. It is assumed that the company will move its workforce to other business divisions such as household appliances and car parts.

That said, LG has not formally acknowledged the said report. For all we know, the company may just go through and make the sale it has hoped to make. We will continue to track all developments around LG’s phone business and update you if we hear anything specific.

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