Tech giant LG Electronics Inc to end production of smartphones. The company will stop its loss-making smartphone division. The multinational electronics company to make a major decision withdrawing itself from the smartphone business.
The company’s decision to withdraw itself from the market will leave its 10% share in North America. They are the No. 3 brand in smartphone after titans Apple Inc and Samsung Electronics. Company says that for nearly six years the company is bearing losses that total around $4.5 billion. The decision will allow LG to focus on other growth areas such as electric vehicle components, connected devices, and smart homes. Once in the year 2013 was the world’s third-largest smartphone manufacturer behind Samsung and Apple. Analysts criticized the company for its lack of expertise in marketing compared to its Chinese rivals such as Oppo, Vivo, and Xiaomi are expected to benefit in the low to mid-end segment.”