05 April 2021 Monday – 10:24 | Last Updated: 05 04 2021 – 10:24
South Korean LG Electronics decided to phase out its operations after it was unable to find a receiver for the damaged cell phone unit. With this decision of LG, for the first time, a large mobile phone brand will be completely withdrawn from the market. With the company’s decision to withdraw its mobile phone unit from the market, it is estimated that its 10% market share in North America will be shared by rival companies Samsung Electronics and Apple Inc.
South Korean LG Electronics decided to phase out its operations after it was unable to find a receiver for the damaged cell phone unit.
LG’s mobile phone unit has suffered a total loss of close to $ 4.5 billion for nearly six years. LG will move out of a fiercely competitive industry to focus on areas with further growth such as electric vehicle parts, interconnected devices and smart homes.
However, when LG’s top models had some problems with both software and hardware and software updates were slow, demand for the brand was constantly dropping.
Analysts were critical of LG’s lack of marketing expertise compared to its Chinese competitors.