After failing to find a suitable buyer, LG Electronics may be forced to stop its mobile phone production. According to an unnamed source, LG could be confirming the decision to depart the smartphone market as early as next month.
Initially, LG was trying to sell the division to German manufacturer Volkswagon, but those talks never progressed. The company was said to be shopping their mobile phone unit to ANY interested buyer, but no one bit. Without a potential suitor in the mix, LG is going to have to make a hard decision on whether or not to press on.
LG’s smartphone division has been operating at a loss for years now, steadily losing ground to market giants Samsung and Apple. Despite having wildly ambitious designs, LG could never find the magic in their designs to stand out among the saturated smartphone market. LG had recently been working on a foldable display for their smartphones, but one would have to imagine those plans will certainly be put on hold.
Perhaps someone will come through in the final minutes to save the struggling smartphone manufacturer, but it’s not looking good. It would be unfortunate to see LG exit the smartphone market, but unless they can pull off a miracle, they’ll be forced to fade into cyber dust.