LG has announced that it is getting out of the smart phone business. This is unwelcome news to people who liked their phones which are on the level of quality of competitors like Samsung. The announcement came as a surprise to many as LG’s smart phones have had a prominent place in stores for a long time now.
The announcement comes after it was recently reported that LG had been looking to find a buyer for its mobile phone division. So now LG joins other famous former phone makers like Blackberry and Nokia. Maybe like these brands the LG name will live on if it gets sold or use by another company.
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The news will sadden new tech aficionados who were waiting for the company to release its long planned rollable smart phone with an extendable slide-out display. Plans for the new phone will now be scrapped.
LG explained that to exit this market was made because the company wants to focus its resources in what it says are 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.
Current LG phone inventory will continue to be available for sale and LG says that it will continue to 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 said in a 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.”
The company said that the wind down of its mobile phone business is expected to be completed by July 31; although, inventory of some existing models may still be available after that.
