5 abr 2021 03:28 GMT
South Korean company LG announced Monday that it will exit the mobile phone market in light of years of lost revenue, as well as growing competition with larger rivals in the industry, Yonhap news agency reports. Thus, the company’s mobile communications unit will stop producing and selling cell phones as of July 31.
The company tried to sell this branch of its production to Vingroup, a Vietnamese technology conglomerate, as well as to the German manufacturer Volkswagen, but the negotiations failed.
The news comes after the company showed last January the LG Rollable, its first ‘smartphone’ with a roll-up screen. However, the tech giant had to give up its launch plans.