After several reports over the past few weeks, LG today officially announced that it is closing its mobile business unit. LG has decided to exit the incredibly competitive smartphone business to focus its 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.
Other details regarding the closure:
- Current LG phone inventory will continue to be available for sale.
- LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.
- LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business.
- Moving forward, 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 LG’s smartphone business is expected to be completed by July 31.