LG Smartphones Set to Phase Out: What Will Happen to Your Phone After Mobile Business Shuts Down?
LG is shutting down its mobile phone business by July 31. For real.
Photo : Mitul Gajera/Unsplash
LG is shutting down its mobile phone business by July 31. Any existing phone in the market would continue to sell until supplies last, while support and software updates will remain available for some time. However, the company is officially taking off its interest and production from the mobile phone industry.
The rumor in the tech industry that LG is shutting down its mobile phone business ame true with the comany s official announcement in the LG Newsroom on April 5. The company said it that stepping away from phone manufacturing and sales enables themto focus on growth sectors including EVs, IoT, and B2B solutions.
LG calls it quits on smartphones
LG’s overall phone business has withered in the past six years or so
(REUTERS)Premium
Kwanwoo Jun,
Timothy W. Martin
The South Korean electronics company, once the world’s third-largest phone maker, says it will halt production and sales by July 31
Share Via
Read Full Story
LG Electronics Inc. will exit its unprofitable smartphone business after years of struggling to compete with industry leaders Apple Inc. and Samsung Electronics Co. as well as fast-growing Chinese rivals.
It wasn’t an unexpected move, following years of speculation about a pullback and after the chief executive of LG Electronics declared in January that all options were under consideration regarding the mobile division’s fate.
LG Electronics Inc is shutting down its loss-making mobile communications unit in a move to streamline operations and focus on future projects such as electric vehicle components.
LG Throws In The Towel On Smartphones After Losing Billions
04/05/21 AT 12:39 PM
LG has announced it’s shuttering its smartphone department, pulling out of the market after years of losses and declining market share. Many in the tech industry publicly mourned the loss, remembering how LG pushed the market to innovate.
The company announced the move Monday. It plans to wrap up closure by the end of July, although some of its already existing smartphone models could continue availability, CNN reports.
That availability, and the fate of the company’s employees, will “vary by region” according to The Verge.
“[The] strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, the company said.
LG Electronics is closing down its loss-making mobile phone business, becoming the first major smartphone brand to completely withdraw from the market.