After a series of continuous financial losses, LG has officially announced that it is closing down its smartphone business. The decision was approved by the company’s board of directors. On the other hand, the company is willing to focus on other areas including EVs, IoT and B2B solutions.
All LG smartphones’ users do not need to worry at all, because the company has decided to provide software updates to them. Obviously, the updates will be available for a limited time period.
RIP LG: The Company Officially Closes its Smartphone Business
LG’s entire smartphone business will be completely closed by July 31. However, the company states that inventory of some existing models might still be available after the aforementioned date.
LG said in an official press release,
Current LG phone inventory will continue to be available for sale. LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.
LG really took a smart decision by putting its concerns more on the fields on which the company is progressing. LG is quite hopeful to become a powerful rival in the 6G race.
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.