Friday, 24 March, 2023

LG to shut smartphone division by July; first major brand to withdraw from market

<p>LG said that it will wind down its mobile division by July 31. The Korean smartphone brand, which was once in 2013 became the world&rsquo;s third-largest manufacturer behind Samsung and Apple, will become the first global brand to withdraw from the market. It still has a 10% share in North America to become the No. 3 brand. The division has registered straight-six years of losses of around $4.5 bn and accounted for 7% of the LG group&#39;s revenue.</p> <p>&nbsp;</p>