LG officially quits smartphone business
New Delhi : LG will not be making any new smartphone as the top management of the company has decided to move out of the mobile business.
The decision to move out of smartphone business has been approved by its board of directors. LG will now shift its focus and resources in the fields of electric vehicle components, IoT devices, smart homes, robotics, AI and business-to-business solutions.
All the produced inventory and stocks will be cleared through retail shops. The company has also promised all support for the hardware and software for an unspecified amount of time that will vary by region.
The exit from the market will be done in phased manner and will be completed by July 31 although product inventory will likely be available after that date.
"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. Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products," the company said in official announcement.