LG Electronics may shut down its mobile communication business rather than sell it, DongA Ilbo reports, citing an unidentified person in the electronics industry.
Negotiations with Germany’s Volkswagen and Vietnam’s Vingroup JSC on possible sale of the smartphone business seemed to have failed, according to the report.
LG Electronics’ CEO said in January that all options were on the table for the loss-making operation. The company was said to have halted development last month of phones with a rollable display, and DongA said on Sunday that LG has shelved a planned first-half roll-out of all new smartphones.
LG may share its decision on the business’s fate with employees as soon as early April, the DongA report said. — Reported by Kyungji Cho, (c) 2021 Bloomberg LP