Finally, LG Electronics Inc. officially ends its production of mobile phones, after its board of directors approved this decision today (05/04). official announcement came as per we published last week and almost certainly means the end of the LG Rollable, who was still rehearsing to perform.
One of the main factors for the closure of LG's activities in the smartphone segment was certainly the absence of buyers. An unspecified number of employees are now expected to be reassigned to the home appliance and smart vehicle sectors.
In its announcement, the company states that it will shift its focus to other technology sectors, such as B2B solutions, IoT, robotics, artificial intelligence and electric vehicles (EVs). One of the recent examples in this regard is high investment by LG for the production of batteries for EVs. There is also the company's strengthening of its partnership with Magna International Inc., signing a joint venture to expand the electricity market. Magna, in fact, is one of the main candidates for the development of the Titan Project, electric car of Apple.
Still on the subject of the closure of its mobile phone business, LG reports that it will provide service support and software updates to its customers for a period that should vary depending on the region. The company estimates that the slowdown in its smartphone business will be completed by July 31. In the announcement, LG points out that stocks of some existing models may still be available after that date.
The company says it will continue to work on developing mobile technologies such as 6G, and its key developments will be maintained and applied to existing and future products. According to Bloomberg, LG shares rose as much as 4,1% after the announcement. Affiliate LG Display Co. also rose 6,3%. Here in Brazil, it will be up to us to see what happens to the more than XNUMX employees at the company's mobile phone factory. company in Taubaté-SP.
Through which channels you reach those people, classic and out of the box. Bloomberg
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