LG finally stopped production of its smartphones yesterday after a huge loss the company bore for years. The Korean company had the last employees withdrawn and is now starting to retrain them for the production of “white goods”. This ends an era that lasted more than 20 years.
As the Korea Herald reports today, today, May 31, 2021, the last time the production of smartphones took place in an LG factory. The group had announced its withdrawal at the beginning of April, but it still took some time before operations could actually be stopped at all locations.
In Vietnam, too, the production of LG smartphones and tablets ended today. LG started some time ago to withdraw the employees of its smartphone plants and to assign them to other areas. The company now wants to use them primarily in the production of household appliances.
LG Still a Strong Player In Home Appliances
For a long time, the employees have also been deployed for the construction of “white goods” in order to ensure the continued existence of the respective plants. Instead of closing the locations directly, one tries to build up capacities for other areas. Displays and camera modules are also built by LG’s subsidiaries.
It is hardly surprising that LG is saying goodbye to smartphones. The sales figures, turnover, and profits have been mostly underground in the last few years, as one could never build on previous successes. In other areas, however, LG can even claim market leadership for itself.
The company is poised to rise to number one in-home appliances, with record sales again in the last quarter, while prospects for the rest of the year suggest that LG will become the market leader in 2021. Meanwhile, LG smartphones are increasingly becoming bargains in Europe. The LG Wing, which was launched last year for well over 1000 euros, with its rotating display is currently available at various retailers for only 600 euros.
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