LG Electronics to stop producing smartphones in South Korea and move manufacturing to Vietnam by juminism
SEOUL - LG Electronics Inc said on Thursday it would stop producing smartphones in South Korea and move manufacturing to Vietnam, joining global rivals in reorganizing production as they battle a slump in global demand.
The restructuring of its money-losing business comes as LG, once one of the world’s top three mobile phone makers, has seen its global market share spiraling to less than 3 percent in the decade that smartphones came to dominate the mobile market.“Their existence may be barely noticeable in the global smartphone market, but they have solid presence in the U.S. market. It’s too early for them to close the whole business when fifth generation networks are starting,” Park said.
LG, whose smartphone business has been losing money for several years, said in a statement that shifting production will boost annual capacity of its smartphone plant in Vietnam by 83 percent to 11 million handsets from the second half of 2019.
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