The Korean company's struggles have been very public. Up to the end of 2020, it had logged 23 straight loss-making quarters. After initially playing down reports of withdrawal from the industry, LG admitted in January that it was considering various options including sale, withdrawal, and downsizing of its mobile unit.
Negotiations with potential buyers have reportedly failed and the company is now preparing to shutter the smartphone business. Leaker Tron reports that the company will issue a formal statement announcing exit from the smartphone industry on Monday. Remaining employees will apparently be assigned to a home appliance factory in Changwon, South Korea.
Although the company had earlier promised that it would release a rollable phone this year, its production has reportedly been halted. Quirky phones like the Rollable and Wing were intended to reignite interest in the company's offerings and justify premium prices.
... the software updates, it is unlikely to be done in this situation.— Tron (@FrontTron) March 29, 2021
It is in many ways unfortunate that the LG phone, which started with the feature phone, ends with the Wing.
Final official statement from LG is expected to be announce next Monday, Korea time. (3/3)
The manufacturer has also reportedly canceled planned first-half releases of other new handsets.
That's far from the only disappointing news as Tron also claims that existing LG users will stop receiving new software updates.
Even though LG will likely commit to continuing OS and security support, it would be just lip service. The company is already the slowest when it comes to updates and after withdrawal from the industry, it would have no incentive to roll out updates.