Lately, there has been news that LG is experiencing difficulties in its smartphone business and is threatened with closing because it continues to lose money.
As a result, to maintain this business, LG spoke with many companies that intend to buy and take over the smartphone business. However, it seems that the dialogue was not successful at all.
Based on reports from South Korean media, dongA, it was stated that LG had spoken with companies such as Vingroup to Volkswagen but negotiations with the two companies failed.
Many companies say that the purchase price for LG’s smartphone business is too high, meanwhile, its market share is only 1%.
As a result, there is only one option that can be taken by LG, which is, closing its smartphone business. It is stated that if this happens, employees at the LG smartphone division will be transferred to other divisions such as home appliances and others.
However, the official statement from LG itself is not the same, where it continues to assure its customers that its business will continue to run even though it is not very satisfying.