LG Electronics to exit mobile phone business by July 31
A logo of LG Electronics Inc. is seen outside of the company's office building in Seoul, South Korea, Monday, April 5, 2021. South Korean electronics maker LG said Monday it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services. (AP Photo/Ahn Young-joon)
South Korean electronics company LG announced Monday that they’re closing its mobile business unit.
LG said they plan to shut down the “incredibly competitive mobile phone sector” by July 31.
The company added they plan to use their expertise to develop certain mobile-related technologies such as 6G.
They also plan to focus on electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, and business-to-business solutions.
According to The Associated Press, LG was once the third-largest mobile phone maker.
The Verge reported that over the last five years, the company has lost around $4.5 billion.
