The South Korean smartphone maker LG has been in the news for all the wrong reasons for the last couple of months. While the company had showcased its innovative rollable phone, the topic of discussion has been the company looking to shut down its mobile business.
Last we heard the company was in talks with Taiwanese company Vingroup and Volkswagen to sell of its mobile business. However, according to a report from a South Korean publication dongA, both these discussions have failed and the only option left for the company is to quit the market.
The publication states that the reason behind the unsuccessful discussion could be LG’s high asking price for the 1% market share it commands. These reports, however, have been contradicting the official comment by LG’s spokesperson who had rubbished rumours around LG winding down its mobile business.
LG had a confident start to the year riding on the wow factor offered by the LG Wing that debuted late last year. The company was bullish about launching a couple of other interesting devices like the Rollable phone and another flagship-level device codenamed Rainbow.
However, mounting losses may have caused a major dent in LG’s plans. The company that has a minuscule share in the global smartphone market had already outsourced the manufacturing of its budget and low-end devices to Chinese ODM to focus on the premium devices.
Incidentally, the Rollable Phone received Bluetooth certifications even though it was rumoured that the company had already shelved the project. While Rainbow, the LG Velvet successor, was slated to launch later this month has also been delayed indefinitely. The publication states that based on LG’s internal and external opinion, both these devices may never see the light of the day.