LG leaving the Mobile Industry
LG has recently made the decision to close its mobile business, they claim it is to focus on other businesses that will provide new “experiences” for the consumers.Their mobile products, like the LG Velvet, will continue to be available while supplies last, which will vary from country to country.
In Australia, the company has stated it will fully honour their product limited warranties, and will also continue to provide software and security updates as well as replacement parts in accordance with contractual obligations, manufacturer’s warranty and the Australian Consumer Law.
This announcement may come as a shock since the company is ranked third behind Samsung and Apple in the US Market. LG shipped 23 million phones last year despite the financial crisis caused by the global pandemic. This leaves a gap of about $1.5 billion USD in revenues up for grabs by rival companies.