Explained a company LG said its resizable screen phone called the LG Rollable has not been suspended.
A LG spokesperson said: I can firmly deny any such decision regarding future mobile phone products.
This rejection comes in response to report From Yonhap News, it is reported that LG has informed parts suppliers that the LG Rollable has been suspended.
The report said: LG may cancel a plan to develop a smartphone with a foldable screen amid mounting speculation that the company may eliminate the money-losing mobile phone business.
LG has reportedly asked parts suppliers, including Chinese screen maker BOE, to delay the development of rewindable smartphones, and parts makers may demand compensation in the future for their efforts.
“We cannot confirm anything at this point regarding the company’s plan for a rollable smartphone,” an LG official said.
Last month, LG announced that its mobile business unit was open to all possibilities for its future operations amid rumors that the company may sell a struggling mobile phone business.
The company said: The development of the foldable smartphone is still in progress, but did not disclose its future plans in detail.
LG’s mobile phone business has declined since the second quarter of 2015, and accumulated operating losses totaled nearly 5 trillion won ($ 4.5 billion) last year.
Analysts said: LG may move to close or sell its mobile phone business, or at least shrink it.
And at its 2021 All-Digital CES event, LG teased its wrap smartphone with a short video.
The device was named LG Rollable, and it featured a resizable screen with side view.
The foldable smartphone is the second product for LG as part of the Explorer project that was announced last year, which aims to provide devices with a different shape and an improved mobile experience.
The Wing, a rotating dual-screen smartphone, was the first phone developed under Project Explorer.
Industry observers have speculated that the pace of development of the LG rollable phone could be more slow than expected and that the company may have felt the pressure to achieve successful results with the product in the market.
According to Counterpoint Research, LG shipped 24.7 million smartphones last year, down 13 percent from the previous year, and was the ninth largest smartphone seller with a global market share of just 2 percent.