LG smartphones are shutting down its smartphone business worldwide :
The world-famous smartphone company LG is shutting down its smartphones worldwide. LG mentioned this on Monday and said that they want to focus their resources on “Growth areas” like electrical vehicle components, smart homes, AI, robotics and B2B solutions.
Founded in 1958 as Goldstar and then in 1995 LG electronics was born.
LG is a South Korean firm that said in a statement that their board of directors approved the decision on 05/4/21. The company, LG, maintained the number 3 spot in the smartphone market in the United States for a long time. LG also mentioned that they will continue to sell handsets until the inventory lasts. They will also continue providing software support for the existing lineup of smartphones for a decided period depending on the region.
For a long period, LG was compared to Samsung because of its feature and look but with time Samsung made a lot of changes and LG was not able to keep up with it.
Why LG Shut down itself?
According to the sources, the company is determined to stay at the local level even though it was decided that the smart company will sell its business soon. They had made all efforts to keep the business alive but it failed. The reasons behind shutting down the smartphone business are poor financial performance. Whereas with the time other android phones tried to make budget-friendly phones LG focused on their mid-range or high — range cost phones. The high-end competition with variety was another thing why LG was not able to compete with other phones.