LG to shut down smartphone production; What’s the reason?

Kathmnadu, April 5

South Korean electronics company LG is set to discontinue smartphone production. The company, which has been running at a loss for years, has now decided to stop producing LG-branded smartphones.

The company made the decision on Monday. A press release issued by the company states that the decision has been approved by the company’s board. The company will not produce any mobile phones from July 31.

The company had been running at a loss for the last six years. The company had incurred a loss of $ 4.5 arba over a six-year period. LG’s smartphone is the third most used smartphone in the United States. Apple and Samsung brands are in the first place. LG has a market share of 11 percent in the United States and 2 percent in the global market.

The company now sells other products such as electric vehicles, connected devices. It has decided to focus on products such as smart homes and artificial intelligence. Shares of the company fell 2.52 percent with the decision. There are 2 crore 30 lakh LG brand mobiles in the world market. While Samsung brand mobiles are more than 25 arba 60 lakh.