LG Electronics officially announced its withdrawal from its mobile business, including smartphones. Approved by the board meeting on the morning of April 5.
LG Electronics’ withdrawal of mobile business has been rumored for the past few months. LG Electronics’ smartphone has also released new products such as a two-screen smartphone or the LG Wing that rotates the screen, and recently announced the concept of LG Rallable, which has appealed its technology.
However, the mobile business continues to have a deficit and has lost 5 trillion won over the past five years. Therefore, they tried to sell the mobile business, but they said they couldn’t find a buyer. According to LG Electronics, due to the suspension of the mobile business, it plans to focus resources on growth areas such as electric vehicle parts, connected devices, smart homes, and artificial intelligence. In addition, stocks of existing smartphones will continue to be sold. The duration varies by region, but support and software updates are also provided. Related information can be found here.