LG is shutting down its mobile business, the South Korean brand officially confirmed today. The company said in a statement that it is moving away from phone manufacturing and sales to focus on growing sectors like EVs, IoT, and B2B solutions. According to LG, the shutdown of the mobile phone business is expected to be completed by July 31st this year.
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LG is the first major electronics company to completely exit from the mobile market worldwide. In the last six years, LG’s mobile division gained total losses worth $4.5 billion. LG once competed against the likes of Samsung and Apple in the smartphone market. The competition grew stiffer with the rise of Chinese phone makers like Xiaomi, Vivo, OnePlus, and more. LG’s G8x ThinQ and the LG Wing failed to make a mark in the market. LG’s exit from the mobile phone market also means that the brand’s rollable phone won’t see the light of day. It was supposed to launch this year.
Notably, the brand said that it would continue developing mobile-related technology including 6G. The company will focus on electrical vehicle components, smart homes, connected devices, robotics, artificial intelligence, etc.