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Just when we thought so LG mobile phone is back in games, Korean news agency DongA Ilbo (via Bloomberg) reports on it LG’s plans to sell its lucrative phone business have gone through, really this time.
Sources from the local electronics industry have given tips that LG now plans to close the smartphone division completely, after negotiations with VW and others to buy it did not go out.
This news comes hot on the heels of last month̵
7;s rumor that LG Rainbow development has stopped, so where there is smoke, there is probably a fire in LG’s phone production plans. The official source of the unnamed industry reveals the reasons for LG’s pending decision to call it quit on phones to be as follows:
Even considering the Korean and North American markets, where the LG Electronics smartphone business remains, the global market share is around 1%, so it is difficult to find a buyer to buy at a high price.
Too bad, since LG has a pretty good market share and brand recognition as a phone manufacturer in the US, and has given us many an exciting device, the latter is the weird LG Wing, with its swivel screen form factor. The LG Wing did not win in the market commercially, though, and may have been the last nail in LG’s phone business chest, it turns out.
The news of the closure of the smartphone business and the transfer of resources to car, appliances and battery departments in LG, will reportedly be served to its employees as soon as the next few weeks, and LG’s exit from the phone industry may be official in April.