South Korea's LG Electronics plans to suspend manufacturing of its loss-mak...
FILE PHOTO: A man walks past an LG logo at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez
SEOUL - South Korea’s LG Electronics plans to suspend manufacturing of its loss-making mobile phones in the country this year and shift the production to its existing plant in Vietnam, Yonhap News Agency said on Wednesday. Citing an unidentified source, Yonhap reported that LG decided to move its local handset production to Vietnam to help turn around the money-losing smartphones division.
LG’s mobile business, in the red for seven quarters, and intensifying price competition in the global TV market likely weighed on its first quarter earnings, analysts have said.It has production bases for smartphones in South Korea, China, Vietnam, Brazil and India, and the South Korean factory mainly manufactures high-end models, accounting for 10 percent to 20 percent of the firm’s total smartphone output.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China’s Mobile-Phone Giant in AfricaHeard on the Street: Huawei and Xiaomi have become well-known names globally. But there is a third Chinese company that has grown to be one of the world’s largest phone makers without garnering much publicity.
Read more »
New York Times: Boeing's South Carolina plant faces production issues that 'have threatened to compromise safety'Former and current employees at a Boeing plant in South Carolina claim the factory is overrun by 'shoddy production and weak oversight that have threatened to compromise safety,' The New York Times reports
Read more »
South Korea's food waste reduction plans feature urban farming and modern garbage binsSouth Korea is reducing food waste by using urban farming, purchasable garbage bags, and high tech garbage bins that weigh and charge for waste.
Read more »
South Korea steps up shift to cleaner energy, sets long-term renewable power targetsSouth Korea plans to boost the share of its energy output generated from renewab...
Read more »
South Korea's Asiana Airlines to receive $1.4 billion support from creditorsSouth Korean creditors plan to provide 1.6 trillion won ($1.40 billion) in finan...
Read more »
South Korea's economy seen losing steam in first-quarter on weak exports: Reuters pollSouth Korea's first quarter economic growth likely slowed to the weakest pa...
Read more »
South Korea proposes $5.9 billion extra budget to fight air pollution, aid exportsSouth Korea on Wednesday unveiled a proposed 6.7 trillion won ($5.87 billion) su...
Read more »
Hyundai Motor profit jumps as South Korea, U.S. sales offset China slumpSouth Korea's Hyundai Motor reported a better-than-expected 24 percent jump...
Read more »
T-Mobile is launching its mobile-first bank account to all US consumersT-Mobile Money, the wireless carrier's mobile-first bank account offering, will launch to all US consumers after a pilot that began last November.
Read more »
Anger at poor public services 25 years into South Africa democracyAs May 8 general elections approach, South Africans accuse the ruling African National Congress (ANC) of reneging on Nelson Mandela's 1994 promise of 'a better life for all.'
Read more »