LG has announced the end of its smartphone business.
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LG revealed earlier this year that it would be fully reviewing its smartphone business and had discussed a variety of alternatives, including selling the business.
LG announced the closure of its mobile business unit on Monday.
The company now intends to concentrate on high-growth sectors such as EVs, IoT, and B2B Solutions.
LG said that exiting the mobile phone business would enable it to concentrate on areas like electric car parts, artificial intelligence, connected devices, smart homes, and business-to-business solutions.
LG also said that it will continue to sell phones in order to clear its stock. For a limited time, the organization can also offer service assistance and software updates to consumers.
The cell phone company wind-down is scheduled to be done by July 31, according to LG. It also mentioned that some of its current models’ inventory would still be available after that date.
LG has announced
“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 company said in a post.
The official announcement brings an end to rumors regarding the company’s mobile phone business. LG has also started transferring staff from the phone division to the business unit, according to sources.
LG’s departure is also unsurprising, as the company’s handset market has been losing money for the past 23 quarters. As of the fourth quarter of last year, it had amassed a total of 5 trillion won ($4.4 billion). According to a Counterpoint Research survey, LG shipped just 6.5 million smartphones in Q3 2020, and its global market share was just 2%.
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