Highlights
- LG to stop its smartphone business worldwide
- Lack of innovation has led to the lower position of LG in the smartphone business.
- LG promises to stand back with better mobility best technology in their smartphones in the future times.
LG has informed the world this Monday that they will no longer continue their business in mobile phones. Rather the company will focus on assets like electric physical components and other connected devices. It has been a bold step for LG because their mobile phone business earned substantial revenue for the company. At the same time, LG issued to serve local platforms and services.
Approval By LG Board To Discontinue Its Smartphone Business
In a public forum, the company has informed that a board of directors had taken this step of dismissing the smartphone business for the organization. The step relatively has not been quite shocking because the company announced in January that they would review their smartphone business in strict analytical terms. It had already been indicated that there would be a drastic change in the smartphone business procedures carried out by LG.
This South Korean company stood third in the world in the production of smartphones. The company has assured that they will continue selling their sets until they run out of inventory. The team has also assured that they will continue to provide software support for the existing models that the previous customers use. It has been determined that the customers’ needs will be taken care of by regular updates in the software system.
LG Might Launch Its Smartphones for High & Middle Class Society Audience Later on
LG has assured that the smartphone industry employees will be taken care of at the local level. At first, it was being discussed that they are going to change their mobile technology and model. However, as time passed, the entire business was to be sold off to another organization. In this way, a greater number of employees could be benefited by keeping their jobs safe.
It has issued its users that they are going to improve their processes based on the development of mobile technology. It has assured that the company will try to develop better mobility-based devices. The previous functions that were acceptable to the users will be retained, whereas new features will be added to thrive in smartphones’ competitive market.
Afterwords LG has assured that it will focus more on developing high and middle-end smartphones in their next launch. It is to be seen whether these new smartphones will gain acceptability in the market or not. It is expected that LG will develop the technologies so that their smartphones will make a mark in the technological development of the smartphone world.