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Models pose with LG Electronics' V50S ThinQ smartphone during the IFA tech fair in Berlin, Sept. 6. / Courtesy of LG Electronics
By Baek Byung-yeul
September. 22. 2019
LG Electronics will focus on beefing up its capability on fifth-generation (5G) network-enabled devices to solidify its No. 2 position in the smartphone industry here, the company said Friday.
The move comes after the electronics giant recently overtook its American rival Apple.
According to industry tracker Counterpoint Research, LG took a market share of 17 percent in Korea's smartphone business in the second quarter, up 1 percentage point from the previous quarter, while Apple saw its share fall by 4 percentage points to 14 percent during the same period.
LG had handed over the second position to Apple in 2018 but recovered it buoyed by increased sales of its 5G V50 ThinQ smartphone which accounted for 32 percent of all smartphone sales in the April to June period.
"Thanks to the expanded subsidies offered by mobile carriers and phone makers, 5G smartphone sales have seen explosive growth," Lim Su-jeong, a researcher at Counterpoint Research, said.
While Samsung continues to dominate the country's smartphone market, improving its share from 65 percent to 68 percent in the second quarter, LG is seeking to continue to improve its share with a new release.
The company will begin selling the V50S ThinQ 5G, an upgraded version of the V50 ThinQ, in October. LG recently acquired a certification for electromagnetic wave testing by the National Radio Research Agency with the high-priced smartphone.
LG Electronics' V50S ThinQ smartphone / Courtesy of LG Electronics
LG received good reviews for the V50S ThinQ, which will also be sold as G8X ThinQ in other countries, during the IFA tech fair in Berlin in early September. The company said the phone comes with an upgraded dual-screen attachment accessory that adopts 360-degree free-stop hinge technology.
"LG plans to release the V50S ThinQ here next month. We will soon announce the price tag and whether the dual-screen accessory will be included as a bundle or a separate item," an LG official said.
Kim Ji-san, an analyst at Kiwoom Securities, said LG is trying to cut its financial losses in its smartphone business after moving phone production lines from Korea to Vietnam and focusing more on premium 5G smartphones that are more profitable.
"LG moved its phone production line from Korea to Vietnam to decrease fixed costs ― including employee salaries and building rent ― for its smartphones, seeking to expand its share of the 5G market in its product portfolio. This will help the firm reduce losses," Kim said.
http://m.koreatimes.co.kr/pages/article.asp?newsIdx=275877
