LG Mobile (Photo Credits: Twitter)
Big news is coming out about LG Electronics of South Korea. According to reports, due to losses, the company has decided to close its smartphone business. After this decision, LG has become a major smartphone brand completely removed from the market. The company will relinquish its 10 per cent stake in North America due to the decision to close its business, where it is the third brand behind Apple and Samsung. The company’s smartphone division has lost about $ 4.5 billion (Rs 33,010 crore) in six years. After discontinuing the smartphone business, the company will focus on the components of electric vehicles, its connected devices and smart homes, etc.
LG was ready to enter the market with many cell phones innovations including ultra-wide angle cameras. LG was the third largest smartphone manufacturer in the world after Samsung and Apple in 2013, but later it lagged behind the smartphone market. Currently, its global share is only 2 per cent. According to research provider counterpoint, last year the company sent 23 million phones, while Samsung sent 256 million phones in the market. Also Read: Vivo Y30G Smartphone Launched, Learn Price And Other Features Of This Phone With 5000mAh Battery And 3 Cameras
Apart from North America, the company also has a large presence in Latin America and LG is considered the number five brand here. Park Sung, an analyst at Cape Investment and Securities, said companies in South America such as Oppo, Vivo and Xiaomi are expected to benefit from lower prices in the mid-end segment, while other well-known mobile brands such as Nokia, HTC and Blackberry also market. I have fallen down after touching the heights, but they have not completely disappeared yet. Also read: Poco X3 Pro: Poco launches strong performance smartphone within 20 thousand, know its features and price
It is said that LG has been struggling to maintain itself in the smartphone market for the last five to six years, but the company’s presence in the Indian market has been negligible. In fact, due to the arrival of Chinese mobile companies, it became very difficult for LG to stay in competition. Although recently LG has also launched some great smartphones, but now the company is going to close its business due to losses, which has led to a big crisis on the employment of many.