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LG wants to close the phone business instead of selling it, the report says



lg-rollable

The LG Rollable was unveiled at CES 2021.

LG

LG wants to close the mobile phone arm, the Korean news website DongA reported this weekend. The report said with reference to an unnamed source, who said that negotiations for a sale to Volkswagen and Vingroup JSC have stopped.

It follows a report in January from The Korea Herald that LG wanted to scrap the phone business despite having just premiered new mobile phone technology at CES 2021

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Read more: Top folding phones for 2021: Motorola Razr 2020, Galaxy Flip, Galaxy Fold 2 and more

LG denied in February reports it was canning of the new mobile phone, LG Rollable, but DongA reported on Sunday that LG has canceled its plan to launch mobile phones in the first half of 2021. The hugely competitive Global smartphone business is led by Samsung, Xiaomi, Apple, Oppo and Huawei, with multiple folding phones on the market and Apple is reportedly working on one.

LG “explores a number of options in light of the headwinds our mobile business is facing,” Michelle Leff Mermelstein, LG’s head of US PR, said in an email.


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