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LG Electronics, ¡®Gyereuk¡¯ mobile phone business eventually ended.
-Reporter Jeong Min-woo
LG Electronics is ending its mobile phone business to focus on its core business through selection and concentration, and to strengthen future preparations.
LG Electronics has been scrutinizing the direction of the mobile phone business so far. However, on the 5th, the board of directors decided to end the mobile phone business on July 31st.
In the recent premium mobile phone market, a strong system has been strengthened, major competitors are focusing on the entry-level mobile phone market, and price competition has intensified, while LG Electronics has failed to achieve results due to insufficient response.
The assets and know-how of LG Electronics' mobile phone business accumulated for a long time will be actively utilized to strengthen the competitiveness of the existing business and prepare for the future business.
LG Electronics plans to produce mobile phones by the end of May so that it can supply the products promised to customers such as telecommunications companies.
Even after the mobile phone business is over, LG Electronics plans to continue to provide sufficient after-sales service so that customers and existing users will not experience any inconvenience. We plan to continue consultations in order to reasonably compensate for losses from business partners and partners resulting from the end of the business.
Employees of the MC division are retained. To this end, the company plans to relocate it by comprehensively considering the job competency of the relevant employees and the demands of other LG Electronics business divisions and LG affiliates.
In this process, we prioritize the will of individual personnel and promote effective relocation from the perspective of long-term growth of individuals.
However, even if LG Electronics terminates its mobile phone business, it plans to continue research and development of core mobile technologies for future preparation.
Core mobile technologies such as 6G mobile communications, cameras, and software are required for next-generation TVs, home appliances, electronic components, and robots, so R&D continues with the CTO division.
In particular, LG Electronics plans to accelerate the securing of original 6G technology that is expected to be commercialized in 2029 after standardization around 2025. Through this, it prepares for the era of Ambient IoE (AIoE) in which people, objects, and spaces are closely and organically connected as well as autonomous driving.
In addition, LG Electronics is improving the basic structure of its business through business diversification based on qualitative growth and rapid expansion of new businesses. In the upcoming era of electric and self-driving cars, the company is accelerating its reinforcement of auto parts related businesses.
In July of this year, it decided to establish a joint venture in the field of electric vehicle powertrain (power transmission system) with auto parts maker Magna International Inc., and in 2018 acquired ZKW, a premium automotive headlamp company in Austria.
Existing businesses such as home appliances and TVs, which LG Electronics has strengths, will expand to platforms, services, and solutions based on customer needs and future trends.
To this end, we will try new and diverse business models, focusing on the LG ThinQ app, which is a customer contact platform, LG Care Solution, which is a home appliance management service, and a solution business that integrates various products and technologies to provide customers with an integrated solution.
In the case of new businesses, it plans to introduce innovative processes such as in-house ventures and CIC (Company in Company), and actively review mergers and acquisitions (M&A) to secure capabilities, and strategic cooperation.