LG plans to release smartphones in 2021

LG plans to exit the smartphone market in 2021. After losing around $ 4.5 billion over the past five years, LG’s smartphone business is struggling to compete with its rivals. Now LG CEO Kwon Bong-seok has informed employees that the company is planning to make big changes to its smartphone business.

The Korea Herald reports that Kwon Bong-seok sent an internal memo to staff on Wednesday, hinting at a change in leadership for LG’s telephony business. “As the competition in the global mobile device market becomes increasingly fierce, it is high time for LG to make a cold judgment and the best choice,” an LG official said in a statement. The Korea Herald. “The company is considering all possible measures, including the sale, withdrawal and downsizing of smartphones.”

LG confirmed that the internal note was genuine in a statement to The edge, noting that nothing has been decided yet. “LG Electronics management is committed to making whatever decisions are necessary to resolve its mobile business challenges in 2021,” said an LG spokesperson. “To date, nothing has been finalized.”

LG

This new internal memo follows a now deleted report from a Korean outlet TheElec earlier this month, according to which LG was planning to exit the smartphone business. LG called this report “completely false and unfounded” in a statement to Android Police just a week ago.

LG has already promised “mind blowing factors” in an attempt to attract consumers and make its broken mobile division profitable. LG has tried several times with the G7, V40, G8 and V50 to compete with Samsung and Huawei, but this has not been enough to push its market share in the right direction. LG’s latest Velvet and Wing smartphones have attempted to try something new, but none have been well received.

Samsung, Huawei, Xiaomi, Vivo and Apple continue to dominate global smartphone shipments, according to IDC. LG is now focusing on its Rollable phone, in an effort to differentiate it from the competition. LG teased the Rollable device again at the Consumer Electronics Show last week, featuring a “unique resizable screen” that spans from a phone to a small tablet screen.

LG has promised its Rollable device is for real and will launch in 2021, but with the re-examination of its mobile plans, it could be one of the last LG phones we’ll see.