A statement by LG Electronics has confirmed that the company will shut down its smartphone business by July 31, a call made by the LG board of directors.  

According to the statement published on April 5, the company will draw its focus on 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 part of the statement, “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.”

On the other hand, LG smartphone users will be granted service support and software updates 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.” says the statement.

Overall, the South Korean company has described the smartphone market as an “incredibly competitive mobile phone sector”.