In a press statement today, LG has officially confirmed it's exiting the smartphone business worldwide. There have been multiple rumours and reports in the last few months hinting at the same, and that has indeed turned out to be true.
LG has further said that it will no longer manufacture or sell new smartphones. This decision has been approved by its board of directors today, claiming the main reason to be the manufacturer's long slump and stiff competition. After all, LG's mobile division has registered losses for the last few years.
LG has also said its decision to exit the mobile phone business means it can now use the available sources to better focus on 'electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services'.
Existing LG smartphone consumers will be receiving software updates for a certain period of time, confirmed the South Korean manufacturer. It will also still continue to sell smartphones as long as the current inventory lasts. The winding down of the whole division is expected to be completed by July 31, 2021.