LG has officially announced that it will shut down its mobile phone business worldwide after failing to find a buyer for its faltering consumer technology arm.
This was disclosed in a statement issued by the company which the board of directors approved the move on Monday, which is expected to be completed by the end of July.
Following this “strategic decision” approval, the company is focusing on electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, and business-to-business solutions.
However, LG will continue developing “mobility-related technologies,” with 6G touted in its press release. It also said “details related to employment will be determined at the local level.”
Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products.
Existing inventory will remain “available for sale,” while existing phone owners will continue to get support and software updates for an unspecified “period of time which will vary by region.” It’s not clear how the Android 11 rollout will be impacted.
“It will also focus on business-to-business solutions as well as platforms and services,’’ the statement added.