wordpress blog stats
Connect with us

Hi, what are you looking for?

,

Major smartphone manufacturer LG exits business

LG Electronics Inc. (LG) is shutting its mobile business unit to focus on other sectors, the company announced in a release on Monday. Despite once being the third-largest manufacturer globally, the company decided to exit the sector after losing around $4.5 billion in the last couple of years. In its statement, LG said it was exiting the "incredibly competitive" smartphone sector "to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services." In India, the company's market share has dwindled to 0.30% in 2020. It plans to wind down operations by the end of July, while unsold inventory will still be available for sale. LG recently showcased exciting and innovative products like the foldable LG Wing and the LG Rollable. It also previously partnered with Google to manufacturer the iconic smartphones in the Nexus lineup as well as the Google Pixel 2 XL. While the company had earlier stated that they would launch the LG Rollable sometime this year, those plans are probably shelved now. Rumours of LG's closure have been going on for months. “Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice,” an LG official said in a statement to The Korea Herald back in January. Around 60% of the employees in this division will be moved to other units, the statement added. According…

Please subscribe/login to read the full story.
Written By

Free Reads

News

TRAI first introduced the idea of displaying the caller's name in a consultation paper back in 2022.

News

As per reports, the Unmanned Aerial Vehicles (UAVs) will be enabled with 5G capability and will be built to function in extreme temperatures and...

News

One of the X posts on Krutrim that blew up was about the AI model claiming that it was created by OpenAI as opposed...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ