After succumbing to losses … The smartphone market bids farewell to “LG”

South Korean electronics company “LG” announced today, Monday, that it will halt production and sales of its loss-making smartphone division.

And the “LG” announced in January that it was studying all options for this activity, after recording losses totaling about 4.5 billion dollars over nearly six years.

And “LG” has struggled with the production of smart phones as this unit within the company struggled to find a path to profitability, but to no avail, with sales continuing to decline amid intense competition.

A report from DongA Ilbo revealed that LG Electronics was planning to shut down its mobile communications business instead of selling it.

According to the report, negotiations with Germany’s Volkswagen and Vietnam’s Vingroup JSC over the potential sale of the smartphone business appear to have failed, according to Bloomberg.

The CEO of “LG” said in January that all options are on the table regarding the loss of operations.

Sources told “Bloomberg” that the company stopped development of foldable-screen phones last month, and DongA Ilbo said “LG” stopped a planned launch in the first half of all new smartphones.