Bad new for long time LG users! Finally LG has announced officially the news of quitting it’s smartphone business. The announcement was made on Monday (5th April 2021). This Korean company has faced a huge loss and thus took this decision.However LG will continue to sell the phones which are still left in its stock.
Is this decision taken by LG correct?
As mentioned earlier several times, LG was going through loss since 6 years. This decision will however help the company to focus on its other businesses which is very vast.
LG mentioned that the decision will be helpful for other growth areas such as electric vehicle components, robotics, connected devices, smart home products, artificial intelligence and business-to business solutions among other products.
Moreover LG has planned to wrap up the smartphone business fully, i.e., selling the remaining stock by July 32st.
What about the previous users, employees and suppliers of LG smartphones?
Although LG will sell its remaining phones but will it be good for the buyers? Wing, Velvet, Q-series, W-series and K-series are some of the models. People who will buy these phones now may not get the software updates in future. But the previous users who still have LG smartphones do not have to worry. The phones will have good support system for quite a long time.
Moving onto the employees and the suppliers. LG said that it will work collaboratively. With the suppliers and it’s business partners to backup other devices. The employees will be shifted to other departments of the company.
However the decision of quitting is not at all schocking. Even after facing such loss, LG did not stop launching its new models. Unfortunately, the features of its rivals such as Samsung and other Chinese products took away people’s attention. Sadly, LG will no longer produce Smartphones and have decided not to jump back into this business any more.
Stay tuned with Crawford portal for more updates!