LG electronics is South Korea’s second-largest appliance firm after Samsung. LG is Shutting Down its Mobile Phone Business Worldwide as this division lost billions in recent years.
However, LG said that its 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 closure is expected to be completed by July 31 but it is expected the sales existing models will go on until the inventory lasts.
“Current LG phone inventory will continue to be available for sale,” the statement said. “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. Details related to employment will be determined at the local level.” the company said in a statement.
LG focuses on the mid-range and high-end mobile phone segment but LG is Shutting Down its Mobile Phone Business as it struggled to keep up with competitors like OnePlus, Xiaomi, Huawei, Oppo and Vivo.
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