LG Electronics is shutting down all smartphone plants and looking to find buyers after announcing its decision in early April to quit its loss-ridden smartphone business, according to media reports.
LG now operates smartphone production plants in Vietnam’s Hai Phong City, Brazil’s Taubate and China’s Qingdao, and the Vietnam plant is the largest of them with an annual capacity of 10 million smartphones, according to VIR.
The Korean Times has reported that in March, LG talked to Vietnamese conglomerate Vingroup about selling its smartphone plants in Vietnam and Brazil, but bth sides could not agree the price.
Counterpoint statistics showed that LG last posted a global handset market share of over 3% in the second quarter of 2018. But its handset division had run in the red for 23 consecutive quarters since 2015, with the losses accumulating to KRW 5 trillion (US$4.4 billion) as of the end of 2020. DigiTimes