LG is a South Korea based electronics company which seems to be bleeding in the smartphone market in certain places. The reports from 2016 declared that they could sell only 160,000 units in China out of an estimated 480 million. Looking forward to the financial market results of 2017, LG managed to sell out 13.9 million smartphones whereas the mobile division generated $10.5 billion sales. But, the sales are not upto the mark.
However, the company didn’t even record a new smartphone launch in China, in 2017. Thus, the company is putting a step back from the smartphone business in World’s biggest Mobile market, China. The last device in China was LG G5 SE. The phone proved to be pretty decent with a 5.3-inch display and 3GB RAM.
After experiencing heavy loss and downfall in the first quarter of 2017, the company decided to shifts its focus to North American and European markets. Hence, the competition there is much higher as the raining brands like Apple and Samsung are already established there. Chinese Huawei and Xiaomi are also there on the competition list.
The company’s executive said,
“LG mobile phone business has quit China. Apart from the small profit in 1Q17, LG’s mobile division suffered losses for the last 11 straight quarters. Further, the company has said that there is an intense competition from the Chinese players and that the smartphone market in the country had more or less reached its saturation point where even new players are getting their hands on the market share. So it looks like all these factors have played a part in the company leaving the largest smartphone market in the world.”
However, the company will be launching new flagship smartphone LG G7 and the LG V30+ in the market. Let’s just sit back and see if LG can cope up with the other smartphone industries ahead in 2018.