LG Electronics has confirmed the closure of its mobile phone business after its faillure to find a suitable buyer.
According to the company, the decision to exit the incredibly competitive mobile phone sector 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.
Service support and software updates for existing mobile customers will remain for a period of time which will vary by region.
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 closure of its mobile phone business is expected to be completed by July 31, 2021.
Photo: LG Newsroom