LG Says Goodbye To Smartphone World, Lost 4.5 Billion Dollar In Last 5 Years

South Korean electronics company LG has officially announced that it would stop manufacturing of smartphone after suffering losses of $4.5 billion ( approx Rs 32,856 crores). Now the company will focus only on electric vehicles, smart devices and artificial intelligence.

LG is going to shut down its mobile business from July 31, 2021. There was a time when the company was giving tough competition to Samsung and Apple. In the last one or two years, the company has introduced many premium smartphones like LG Wing, Dual Screen LG G8x ThinQ. However, it suffered heavy losses in the past six years.

Phones that are in stock will be sold and customers will also get service. Apart from this, the company will also periodically provide software updates for its smartphone users.

Even though there were several reports of LG preparing to shut down the smartphone business, there was no official announcement about it. Sources have also revealed that 60 per cent of the employees have quit the company. However, the CEO has clearly said that no employee will be fired but will be shifted to other departments in the company.

LG was competing with Samsung, Xiaomi, Oppo, Vivo and OnePlus in the budget smartphone market.