South Korean company LG has announced its intention to stop production activities in its field mobile telephony, in which it shows damage.
Σday its share LG in the global mobile phone market is about 2%, while in some countries such as the US it reaches 10% and is third in market share.
It will thus become the first major mobile phone company to withdraw completely from this increasingly competitive international market.
The mobile unit - the smallest of its five units LG- which contributes approximately 7% of its total revenue, is expected to close by July 31st and employees will be transferred to other LG activities and subsidiaries Electronics. The LG, according to Reuters, will continue to provide software and technical support to its current mobile phone owners for a period of time that will vary from region to region.
Today its share LG in the global mobile phone market is about 2%, while in some markets such as the US it reaches 10% and is third in market share. The 2020 the company sold 23 million mobile phones worldwide, compared to 256 million of the first Samsung, according to research firm Counterpoint. LG's withdrawal will also benefit its other competitors, in addition to the South Korean Samsung, i.e. the Chinese companies (Xiaomi, Oppo, Vivo etc.), the American Apple etc.
Η LG had originally introduced various innovations in mobile phones and 2013 was third in the world market share behind Samsung and Apple, but gradually declined in consumer preferences. Its mobile phone unit has been showing losses for almost six years, reaching about $ 4,5 billion in total during this period.
The cessation of mobile activities will allow the company to focus on other areas with more growth prospects, such as electric vehicles, "smart" homes, interconnected devices, etc.
While other well-known names in mobile telephony, such as Nokia, HTC and Blackberry, experienced greater glories in the past, still exist in the market.
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