After spending most of the last decade losing money on its smartphone business, LG is reportedly ready to call it quits at its next board meeting just days away.
Reporting over the past several months shows how the Korean manufacturer's mobile unit has navigated through its dire straits: it supposedly ramped up production outsourcing in December, then closed in on a Vietnamese suitor in January before insiders recently leaked word that negotiations have not been fruitful.
It's been about six years since the division recorded a quarterly profit and while LG has been able to minimize losses with shifts in its marketing strategy, it may not be keen on keeping up with the competition on R&D for foldable form factors.
For LG's part, it has decided not to comment on the news and has only said that "every possibility is open" regarding what it will say. LG Electronics CEO Kwon Bong-seok told the press at its last board meeting in January that the firm was reviewing options for its mobile business.
All of this leaves the company's rollable phone concept in limbo as well as speculation on its future involvement with the electric vehicles industry.