LG Will No Longer Be Making Smartphones, As It Ceases Phone Business Worldwide
Image via 360 b / Shutterstock.com
South Korean tech firm LG has announced that it will be closing its smartphone business worldwide. In a statement from the company, it said it would be stepping away from phone manufacturing to focus on sectors including electric vehicles, smart homes, and artificial intelligence (AI).
LG, the third-largest player in the US smartphone market, has promised to continue providing service support and software updates for customers of existing mobile phones for a period of time, varying by region.
The firm had focused on producing mid-range and high-end smartphones, sectors which have seen increased competition from manufacturers such as Huawei, Xiaomi, and Oppo that have launched cheaper models.
According to TechCrunch, rumors had circulated earlier in the year that LG was looking to sell its smartphone business, but lack of growth meant that it was unable to find a potential buyer.
The winding down of the smartphone business is expected to be completed by July 31, 2021, although handsets may still be sold after from its existing inventory.
[via TechCrunch and MacRumors, cover image via 360 b / Shutterstock.com]
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