LG Electronics has confirmed that it’s shutting down its smartphone business. The move, the company says will enable it to ”focus resources in 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’’
Current LG phone inventory will continue to be available for sale and LG says it will continue to provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.
The wind down of the mobile phone business is expected to be completed by July 31 although inventory of some existing models may still be available after that.
Rumours about LG exiting the smartphone business have been there for several months. Of course, this follows the division’s huge losses over the past five years. Its 2020 full-year earnings report released recently revealed that the company made a loss of USD 750.63 million in the whole year from its LG Mobile Communications, which houses its smartphones.
