LG set to exit the cell phone market: Life is good popularly known as LG, a South Korean electronics company, is shutting down its loss-making cell phone division.
The move was approved by LG Electronics’ board of directors on Monday, April 5, 2021, according to a statement released in Seoul.
By the end of July, LG’s cell phone division is scheduled to be shut down.
LG’s strategic decision to leave the fiercely competitive cell phone market would free up money for growth areas such as electric vehicle parts, connected devices, smart homes, robotics, and artificial intelligence of the manufacturing company.
It will also concentrate on business-to-business solutions, networks, and services, according to the release.
LG plans to continue to exploit its mobile experience and grow mobility-related innovations like 6G to help further improve competitiveness in other market areas.
LG said that core innovations built over the course of the company’s two decades in the mobile market will be kept and extended to current and future products.
Meanwhile, LG’s exit from the smartphone market had been anticipated for a while. According to report the division has been losing money for several years.