LG reportedly might shut down its mobile phone business

LG reportedly couldn't reach an agreement sell the business to Vingroup or Volkswagen

LG Velvet back panel

Things aren’t looking good for LG’s smartphone division.

LG could shutter its smartphone business rather than sell it, South Korean publication DongA llbo reports, citing an unidentified person in the electronics industry.

The report indicates that the negotiations with Volkswagen and Vietnam company Vingroup JSC regarding the purchase of its smartphone business have failed.

LG’s CEO said back in January that there are a variety of options on the table. Previous news indicated that the company halted the development of its rollable display handset. This past Sunday, DongA also that LG has stopped its plans to release a rollable smartphone. That said, LG denied these reports.

LG will reportedly publically share the fate of its smartphone business as soon as April, according to DongA.

Source: DongA Via: Bloomberg