SEOUL — LG Electronics announced Monday it is closing its mobile business unit, saying the winddown of its smartphone manufacturing and sales business is expected to be completed by July 31, although inventory of some phone models may still be available after that.
The company says it will provide service support and software updates to customers of existing mobile products for a period of time, varying by region, and it will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business.
“LG’s 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,” reads the company’s press release.
“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,” says the release.
