LG has been having the hardest time turning a profit through the past few years in the smartphone business. Due to the losses sustained, the smartphone company can no longer compete with the competition.
LG suffers in the Smartphone business
According to an article by The Korea Times, LG is expected to pull out of the entire smartphone market this Monday, April 5 after it had failed to turn a profit throughout the past few years. The article even described their smartphone segment as "money-losing" and noted that they plan to relocate its own mobile communications employees towards other business units.
LG has been suffering ever since 2015 and despite its drastic innovations, it still struggled. The company allegedly entertained Volkswagen and Vietnam's very own Vingroup JSC but things did not push through. In January, a spokesperson from LG noted that they weren't shutting down.
LG quits despite awards
There were even reports of the company working on new devices and even teased a certain rollable smartphone. LG was expected to release a "unique resizable screen" that was actually able to transform, according to the story by XDA Developers.
This news comes shortly after the company had been given honors from the US Environmental Protection Agency. According to PR Newswire, LG Electronics USA has recently been recognized for having the title of responsible electronics recycling leadership receiving the highest-level recognition in the whole EPA's Sustainable Materials Management SMM Electronics Challenge.
LG reused and recycled
Highlighting the whole electronics recycling as a cornerstone of LG's official environmental sustainability efforts in the United States, the official LG Electronics North America CEO known as Thomas Yoon had applauded the whole EPA SMM Electronics Challenge program. This program tries to encourage responsible recycling by using different certified third-party recyclers and they say they are proud to help drive the use of different environmentally protective practices.
The official EPA's Gold Tier Award now recognizes LG's really significant contributions towards the whole SMM Electronics Challenge goals by actually collecting a really substantial amount of different used electronics to be reused and recycled. This then sends 100% of the total e-waste to the said certified third-party recyclers then publicly shares the detailed information regarding its very own electronic management practices.
20,000 tons recycled
According to the official EPA, the recent 2020 award reflects LG's official collection and responsible recycling of over 20,000 tons of different used TVs, monitors, and also some other electronics. This diverts the solid waste coming from landfills avoiding the equivalent of well over 55,000 metric tons of harmful CO2 emissions, comparable to emissions coming from electricity used by a whopping 9,400 US homes every year.
Despite the award, it seems like LG is still quitting the smartphone business altogether. Although this is quite shocking for some since LG is still a solid electronics manufacturer, the smartphone business has been extremely hard for them and not, they are officially retiring that segment of their business.
This article is owned by Tech Times
Written by Urian Buenconsejo