Did not achieve commercial activity For a company LG in the field of smartphones has no profit for two years now, despite the many attempts by the company to restructure its approach and introduce innovative products to the market.
Its devices are not liked by the masses unless they are available at huge discounts, which is sufficient reason for the company to close this business and focus on other, more profitable projects.
However, (Kwon Bong-Seok) LG CEO Kwon Bong-Seok thinks otherwise.
Last year, Soc released a statement predicting that LG’s smartphone business would be profitable by 2021.
A recent report claimed that LG may have finally surrendered, however, an LG spokesperson vehemently denied this report.
And according to For the report Deleted now, LG has recently notified all South Korean employees that it will close its smartphone business, with an official announcement to be made by the end of this month.
The report from the Korean news site The Elec added that LG instructed employees to halt all developments, except for Project I, earlier this week.
Project I is the codename for LG’s upcoming convertible smartphone, which was newly introduced at 2021 CES.
The device was initially named Project B, but LG appears to have changed it to Project I at some point in the past few weeks.
While the report claimed that LG had not shelved the foldable smartphone, it was stated that the company halted all work related to the device on the day the notice was issued.
And (Ken Hong) said Ken Hong, Head of Global Corporate Communications at LG: This report is definitely incorrect, and there are more speculations and rumors.
Regarding the rewindable phone, Hong recently released a statement confirming that it is a real product that will be launched this year.
Although LG has officially rejected the report, it is noteworthy that the company has stopped producing smartphones in South Korea in the past.
A report from last year also indicated that the company was planning to outsource the production of some of its low and mid-range phones, in order to cut costs and focus its efforts on its upcoming flagship phones.