LG is exiting the smartphone business as the company moves to focus its resources in other areas including electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions.
LG says that customers will still be able to purchase existing smartphones and they will continue to support these devices. However, the company will no longer release new smartphone tech going forward. They plan on closing this business department by the end of July this year.
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While the news is sad given LG’s presence in the smartphone industry for decades, it is not surprising. The company has reported huge losses over the past five years which has allowed other smartphone makers including Samsung, Apple and Huawei to overtake them. In addition, the LG smartphone range has not been able to compete with the other brands on the market.
LG has also been trying new things in the past few years when it comes to its smartphone range. The company released a dual-screen phone called the LG Wing and they had previously unveiled a rollable smartphone at CES this year. Of course, that phone will never see the light of day now that the company has ceased production of its smartphones.
While the company had a few innovative devices on the market, they failed to live up to customer’s expectations and lagged behind when it came to camera performance and overall tech.
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.
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.