LG is leaving the mobile phone market, the company has announced, with its mobile business unit to close down. The board of directors approved the decision earlier today on April 5.
“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, artificial intelligence and business-to-business solutions, as well as platforms and services,” the company said in a press release.
Now that it will no longer make phones, LG said that it will make use of its mobile expertise to develop “mobility-related” tech like 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,” it added.
LG’s current inventory will still be available for purchase, and the company says that it will still provide service support and updates its devices “for a period of time which will vary by region”. LG expects to complete the closure of its mobile business by July 31, but says that the inventory of some of its models might still be available after that date.