It's official, LG smartphone division is dead. Life isn't Good anymore for its smartphone division. After months of rumours, the South Korean electronics company has made it open that it will exit the smartphone business on July 31.
The company confirmed that it is moving out of the smartphone business after the decision was finally approved by its board of directors. Now the company will shift its focus and resources in the fields of electric vehicle components, robotics, AI, smart homes, IoT devices, and business-to-business solutions.
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"LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today," a statement from LG read.
"LG's strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electronic vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well platforms and services."
LG went on to say that it will focus on 6G wireless infrastructure and other areas where it can apply mobile-related tech such as electric vehicle components.
"LG will continue to leverage its mobile expertise and develope 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," LG said.
The current available LG smartphone inventory will still be sold, with LG promising software support for the devices alongside those of existing customers, though this will vary by region. The process of phasing out LG's mobile division is expected to be completed by July 31.