LG halts launch of all new smartphones - Mobile World Live

LG halts launch of all new smartphones

23 MAR 2021

LG Electronics put the release of all new smartphones on hold and was said to increasingly be considering the closure of its troubled Mobile Communications unit due to a lack of progress with potential buyers, Dong-A Ilbo reported.

The electronics giant had discussed a part or complete sale with Vietnam-based Vingroup and Germany-headquartered Volkswagen Group, the newspaper wrote explaining negotiations broke down.

Dong-A Ilbo stated the Mobile Communications’ units global market share as a major obstacle to securing an attractive price: Counterpoint Research data showed it held a 2 per cent share in 2020.

A source told Dong-A Ilbo development of the LG Rollable was on hold, with slim chances of it launching.

An LG representative told Mobile World Live: “No decision has been made as of yet on the future of LG’s mobile business, and it definitely won’t be made at a shareholders’ meeting.”

The company’s annual shareholders meeting is scheduled for Friday (26 March).

In mid-January, local media reported LG was reviewing the future of the device division, considering downsizing, selling or pulling out of the market entirely.

The unit recorded a Q4 loss of KRW248.5 billion ($220.1 million) in Q4 2020, down from a KRW332 billion loss in the comparable 2019 quarter.



Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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