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Price Reductions by LGE Further Indicates of Exit from Smartphone Business
We previously reported that LG Electronics is planning to close down its mobile phone business and will stop manufacturing and selling smartphones, due to the low sales and large losses. Reuters reported that LG is “considering all options” as it may still be possible to let the business continue. The LG Mobile division is losing money, but there are options to allow it to stay, like shifting to selling phone parts instead of assembling a whole unit and selling them. As the final decision regarding to the sale or retention of LG’s smartphone unit remains, the company started a huge sale for some of the phones left from the last year’s releases. LG Electronics’ last batch of phones includes the LG Wing and LG Velvet series, which are now being sold with massive discounts. The sale offering is said to have been announced as the company waits for the final decision with regards to the closure of LG’s smartphone business. The tech giant is taking 50% off the original prices of certain phone models and could even be lower in some shops as the sales for LG phones continue to be very slow. For instance, the consumers may find LG Wing that was released in September 2020, being sold for only KRW400,000 instead of its original price of KRW1.09 million. LG Velvet has even lower prices. “They could be the last phones from LG, and prices are likely to fall further as the company is preparing to withdraw from the market,” a telecom firm official said.
We previously reported that LG Electronics is planning to close down its mobile phone business and will stop manufacturing and selling smartphones, due to the low sales and large losses. Reuters reported that LG is “considering all options” as it may still be possible to let the business continue. The LG Mobile division is losing money, but there are options to allow it to stay, like shifting to selling phone parts instead of assembling a whole unit and selling them. As the final decision regarding to the sale or retention of LG’s smartphone unit remains, the company started a huge sale for some of the phones left from the last year’s releases. LG Electronics’ last batch of phones includes the LG Wing and LG Velvet series, which are now being sold with massive discounts. The sale offering is said to have been announced as the company waits for the final decision with regards to the closure of LG’s smartphone business. The tech giant is taking 50% off the original prices of certain phone models and could even be lower in some shops as the sales for LG phones continue to be very slow. For instance, the consumers may find LG Wing that was released in September 2020, being sold for only KRW400,000 instead of its original price of KRW1.09 million. LG Velvet has even lower prices. “They could be the last phones from LG, and prices are likely to fall further as the company is preparing to withdraw from the market,” a telecom firm official said.
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