LG seems to be in a tight situation. There is no official announcement yet but people have been discussing the other South Korean tech giant’s future. Well, we’re mainly referring to the phone business of the company that’s been suffering the past few years. In the past months, we have been wondering what will happen to LG. Yesterday, we mentioned LG may stop releasing updates once out of the mobile business. The business may also be shutting down and is not up for sale.
We also once said LG’s smartphone business may be sold off to a Vietnamese company but it appears the plans failed. Quitting the smartphone business seems to be a wise move and now we’re learning LG Electronics could be making the decision.
LG is said to be pulling out of the phone business and is now entering into a transition period. The mobile communications staff will be moving to other LG businesses.
The company hasn’t really made any comment or official statement but an official said, “All we can say is that every possibility is open. Although we cannot confirm that right now, we will announce the specific direction of our mobile communications business.”
Only LG’s phone business is in danger. It’s doing really well in home appliances and smart TV business. Demand for smart home devices actually increased the past year because of the pandemic. LG is also looking into the business of vehicle components (electric motors/chargers/inverters) and electric vehicles.
In this area, we know LG teamed up with Magna International to work on those automotive parts. Could LG be making an electric vehicle just like Apple? It’s a possibility. That or LG and Apple are working together. Let’s wait and see.