LG looking to shut down phone business instead of selling it, report says

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LG looking to shut down phone business
It follows reports earlier this year the company is looking to offload its phone business and its upcoming rollable phone.

LG is hoping to close down its cell phone arm, Korean news site DongA announced throughout the end of the week. The business would be covered as opposed to being auctions off, the report said, refering to an anonymous source, who said arrangements of a deal to Volkswagen and Vingroup JSC have slowed down.

That follows a report in January from The Korea Herald that LG was hoping to scrap its telephone business in spite of having recently debuted its new rollable telephone tech at CES 2021.

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LG in February denied reports it was canning its new rollable phone, the LG Rollable, yet DongA detailed Sunday that LG has dropped its arrangement to dispatch rollable telephones in the principal half of 2021. The tremendously serious worldwide cell phone business is being driven by Samsung, Xiaomi, Apple, Oppo and Huawei, with different foldable telephones available and Apple supposedly chipping away at one.

LG is “investigating an assortment of choices considering the headwinds confronting our portable business,” Michelle Leff Mermelstein, LG’s head of US Public Relations, said in a messaged articulation.

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