A new report suggests South Korean smartphone manufacturer LG will suspend all device production in South Korea and move it to another location.
Reuters, citing news from Yonhap News Agency, said LG is planning to move locations to the company’s existing plant in Vietnam.
The article cited anonymous sources who indicated LG planned to move production locations so it can “turn around the money-losing smartphones division.”
For a while now LG hasn’t been doing well in its mobile business. Back in October 2018 the company reported that it would still keep selling smartphones despite its major losses.
In that quarter, it lost 146.3 billion KRW ($168,281,575 CAD) and overall has lost more than $500 million CAD throughout the year.
LG did not provide comment on the report of moving production sites. It should be noted LG already has production locations in South Korea, China, Vietnam, Brazil and India.
Source: Reuters Via: 9to5Google