It’s a wonder they stayed in the market this long.
South Korean electronics giant LG Electronics has announced that it will no longer produce and sell smartphones after years of huge losses in the highly competitive market.
While the move has been rumored for weeks, the company confirmed that the board of directors approved the “strategic” decision to shut down the loss-making mobile division on Monday.
The South Korean tech powerhouse, which was once the world’s third-largest handset maker, expects to fully wind down the unit’s operations by the end of July, but some of its phones could still be available for sale until inventories run out. LG also promised to support existing models for a certain period of time, depending on region.
LG is planning to focus instead on “growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services,” the company said in a statement. It will also continue to develop some mobility-related technologies such as 6G.
Unlike Apple, LG has a lot of stuff to fall back on.
They make a lot of appliances. Heating and cooling. They have markets that they beat Samsung in.
Both Samsung and every other Korean and Japanese company are ultimately going to get destroyed by BRAND X CHINA CORP.
Xiaomi, Oppo and Huawei are all still “brand X,” and combined they’re beating Samsung.
Huawei is making phones that are legitimately, just as an objective matter, better than Samsung’s. But they got kneecapped by US sanctions (which blocked Google apps), and their CFO was literally kidnapped by Justin Trudeau.
Apple is going to continue to shrink, as people go to replace their phones and are looking at an $800 savings by going with CHINA BRAND X.
Apple’s valuation is retarded, and proves that the US stock market is just a gigantic Ponzi scheme designed to artificially prop up the value of the dollar.
At least with Tesla, you have the theory that people are going to buy billions of smart cars. There is no viable theory wherein Apple’s share of the smartphone market continues to grow significantly.
The iPhone is no longer a status symbol. You can’t really get that back by charging more money. They now have an aging userbase.
Third worlders who start to make more money are not going to switch to Apple because they have more money. iPhone peaked in 2016 for a very specific reason: the 6s was peak smartphone, it couldn’t go anywhere from there, and the only thing that could happen was for China to catch up with them in terms of functionality, and that has already happened.