LG has officially confirmed the closure of its smartphone business as of today. Last week, a new list of Bluetooth SIG-certified smartphones suggested that the company might not go out of business, but now the South Korean tech giant has cleared all the confusion. Yes! You read it correctly; We will never see the new LG smartphone. According to the company, it will now focus a lot on development in other areas such as electric vehicle components, connected devices, smart devices, robotics, artificial intelligence, and B2B solutions.

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Why LG Closed it Smartphone Business?

The company also confirmed that existing smartphones in the market will not be placed, and you can still get the latest model from the brand. In particular, the company continues to support its products, but will be for a limited period depending on the region. The company expects to close the business completely by the end of July 2021.

The news of LG’s closure of the mobile business had been rumored for several months. The company has taken this decision due to losses. According to the report, LG suffered heavy losses in the last six years. As per report, the company has incurred a loss of $ 4.5 billion, which is approximately INR 33,010 crore in INR. The company recently launched its high-end dual-screen smartphone and struggled to compete with a brand like Samsung, which already has a strong hold in South Korea and globally.

LG’s confirmation also marks the end of its roll-up smartphone, which was expected to launch this year. LG’s roll-up smartphone will never see the light of launch, as the company has shut down its mobile phone business. The company showcased the device at CES 2021. Unfortunately, the smartphone will remain a prototype and will never be made in the global market.

In March, it was reported that the company is trying to find a buyer for its smartphone business. But it appears that LG did not find a potential buyer, which led to the closure of the business.