LG Electronics may shut down the mobile phone business

Seoul: LG Electronics may shut down its mobile communications business instead of selling it, according to DongA Ilbo reports, citing an unknown person in the electronics industry.

Negotiations with German Volkswagen AG and Vietnam’s Vingroup JSC regarding a possible sale of the smartphone business appear to have failed, according to the report.

The CEO of LG Electronics said in January that all options are on the loss process. Last month, the company was said to have discontinued the development of foldable-screen phones, and DongA today said that LG has discontinued a planned first half of all new smartphones.

DongA’s report stated that LG may share its decision on the fate of the business with employees as soon as possible in early April.

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