LG, which was once one of the major players in the industry with its phones, especially the G and V series, has suffered a serious loss of blood in the past 3-4 years. Especially after the problems that arise in the phones and the grievances experienced during the service process, his name has become uns mentioned in recent years.
LG Electronics has been facing speculation for some time that it will end production of mobile devices. The company, which has come under rumors that it will withdraw from the smartphone market around the world, has finally issued a statement on the issue. It turns out that the allegations circulating from ear to ear are completely true.
LG has officially withdrawn from the phone industry
Confirming its exit from the smartphone market, LG shared details of the decision with its fans in a press release. The company said it would shift its focus as it seeks to spend its resources on more profitable jobs such as electric vehicle components, smart homes, robotics and artificial intelligence.
If you have an LG phone currently available, you don’t have to worry about it for a while. Because the company will continue to provide software updates to its devices, varying from region to region. Phones that have already been released and are waiting in stores will remain on the shelves until they run out of stock. Then these devices will disappear completely.
It is not known what will happen if it is a cancelled smartphone with stylish designs such as LG Velvet, LG Wing, LG Rollable and LG Rainbow. Of course, the company will not release these products itself, as it will close its mobile device manufacturing department. However, it remains to be seen whether patents and designs will be transferred to another company.
LG ends phone production by July 31
It was already a well-known fact that LG stopped producing phones. But everyone was surprised that the company was going to shut down this department entirely. The company, which is estimated to have lost about $4.5 billion since 2016, was struggling financially. According to reports, by the end of 2020, the firm’s global market share for smartphones was just 1.91 percent.
Struggling to compete with rivals in the smartphone market, LG has failed to overcome a number of challenges ahead. Inevitably, the company is on its way to say goodbye to the market and is now waiting for its stock to melt. Most likely by July 31, the company will be withdrawing from the mobile sector worldwide.
And what do you think of the fall of the legendary company of an era and its farewell to the market? Don’t forget to share your ideas with us.