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| LG will not abandon smartphones |
Although LG has made several attempts to revamp its methods and bring innovative products to the market, LG's smartphone business has not been profitable for two years.
The equipment is only evaluated by the public when it receives a big discount. This is a good reason to close the company and focus on other, more profitable ventures.
However, LG CEO (Kwon Bong Suk) objected.
Last year, Soc released a statement predicting that LG's smartphone business will be profitable in 2021.
A recent report claimed that LG may have finally surrendered, but an LG spokesperson vehemently disputed the report.
According to the now-canceled report, LG recently informed all South Korean employees of the shutdown of its smartphone business and officially announced this before the end of the month.
A report from the Korean news site The Elec added that LG has asked its employees to stop all development projects except ProjectI earlier this week.
Project I is the codename for a convertible smartphone that LG will first introduce at CES in 2021.
The device was originally called Project B, but LG appears to have changed it to Project I in the past few weeks.
Although the report says that LG has not built foldable smartphones into tablets, the company halted all work on the device at the time of the announcement.
LG Global Corporate Communications Director (Ken Hong) said: "This report is definitely wrong and there are more speculations and rumors going on."
Regarding the returned phone, Hong recently released a statement confirming that it is a real product that will be launched this year.
Although LG has officially rejected the report, it should be noted that the company has stopped manufacturing smartphones in South Korea in the past.
A report from last year also mentioned that the company plans to outsource some low- and mid-range phones to cut costs and focus on the next flagships.