LG has confirmed it is exiting the global mobile phone business.
The Korean company announced the news on Monday, April 5, local time, saying that leaving the “incredibly competitive” mobile phone sector will enable it to focus on 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 wind down of its mobile phone business is likely to be completed by July 31, although the company said that some existing phone models may still be available for a short while after that.
It added that customers of its mobile products will continue to receive service support and software updates “for a period of time which will vary by region.”
News of LG’s departure from the mobile phone market had been expected. The company has found the sector hard going for years, with a Korea Herald report in January suggesting LG’s mobile unit had lost around $4.5 billion since 2016.
This story is breaking. More to follow …