South Korean electronics manufacturer, LG, has finally Announced it’s plan to withdraw and bid farewell to mobile phone business.
According to reports , the board of directors have already given a positive nod to the move.
LG Electronics said in a statement released in Seoul.
“LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics and artificial intelligence.
“It will also focus on business-to-business solutions as well as platforms and services,’’ the statement added.
LG wants to “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 are to be retained and applied to existing and future products, the company said.
LG Electronics withdrawal from the smartphone business had been on the horizon for some time.
The division is said to have consistently shown an operating loss for years.
The shutdown of LG’s mobile phone sector is expected to be completed by the end of July.