It is time to say goodbye to LG in the smartphone world. The Korean electronics giant has announced the closure of its mobile phone business .
This is coming after years of losses by the mobile division, followed by recent rumours that the closure will happen.
The decision to shut down the division was approved by LG’s board of directors earlier today.
The statement from LG says that existing smartphone inventory will continue to be available for sale. In addition, owners of existing LG phones will continue to enjoy service support and software updates “for a period of time which will vary by region”.
The company says that it will now focus on “growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.”
In addition, LG says it will leverage its capacities from the mobile division in developing “mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas.”