The financial report for the second quarter of 2020 shows that LG has been significantly affected by the coronavirus epidemic. LG’s smartphone sales fell by 19% year-on-year, but after the supply chain stabilized and lock-in measures were loosened, it increased by 31% month-on-month, especially in markets such as the US and Europe. The launch of LG Velvet also helped increase sales during this period.
Due to this, LG is expected to launch more affordable 5G phones later this year. In its second quarter 2020 earnings report, the company talked about strengthening its ODM strategy and releasing devices that can be used in a larger market.
LG executives said that the company’s mobile communications division (smartphones) is working hard to increase the profitability of its business and become more competitive in the current market. LG may release 5G smartphones worth US$100 to US$200 in markets such as the US or China.
In addition, LG is already negotiating with chip manufacturers and ODMs to bring 5G mobile phones to the mass market, which will help promote the popularization of 5G-enabled devices. The company also hopes to launch attractively priced 5G devices in markets such as South Korea and the United States in the second half of 2020, although the exact release date and model number are currently unclear.
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