This decision was approved by its board of directors earlier today
LG quits smartphone business. Source: unsplash.com
LG Electronics has announced it is closing its mobile business unit because the mobile phone sector is ”incredibly competitive”.
Nevertheless, the decision to exit this business will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, AI and B2B solutions, as well as platforms and services.
LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.
LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.
At the same time, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas.
The wind-down of the mobile phone business is expected to be completed by July 31 although the inventory of some existing models may still be available after that.
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